We finally reach the time of year when the insurance companies are breathing a sigh of relief and begin to lick their wounds as hail season begins in s 'switch off. While hail storms can occur at any time throughout the year, from March to June usually marks the heart of the storm season in which 71.4 percent of all small claims occur.
My beautiful state of Texas, for example, ranked No. 1 in the nation between 2010 and 2012 for small applications with more than 320,000. This is 16 percent of total claims to hail from the nation, according to the National Insurance Bureau of Crime (NICB). So what that Texas and other parts of the United States visited by hail in common (other than hail)? franchises wind / hail.
Yes, absolutely, there is a separate deductible that applies to the exposure of wind and hail. These franchises called Percentage Deductibles, the first has become a popular option on the cover of the earthquake in the western states, and then made their way on policy in areas prone to hurricanes, and now they are one option where hail is widespread. The days of meals $ 500 $ 250 deductibles for wind and hail in parts of the country quickly fade. Both personal and business customers now see 1-2 percent and even as high as 5 percent, deductibles depending on the insured value of their home or business. So if your home is insured for $ 0,000 and you have a 1 percent wind / hail deductible, you would have to pay the first $ 2,000 of a covered loss before your insurance policy would kick in.
So what can you do to find the best coverage and value for your insurance dollar?
- Ask your independent agent find the best option for your situation. Are you comfortable with taking the higher deductible to earn premium savings, or is the security of knowing you have only to meet a lower deductible in the event of a loss is worth the monthly premium additional? Your agent can quickly use "if" quoting to determine the best value for you.
- Consider a resistive hail roof. Although most claims adjusters in Texas will tell you there is no such thing as a roof that can withstand the force of a small stone of a baseball falling from height sky, some people feel that they can be effective.
- Consider a Franchise Buy Back. Some carriers offer a policy covering the franchise that you would normally pay in case of loss covered such as wind or hail. These can be especially helpful when a mortgage company or lender will not accept the risk of a percentage of the wind / hail high deductible.
For more information on your wind / hail deductible, contact your independent insurance agent. To learn more about the basics of franchises and how they work, see our video above!
The covers here are described in the most general terms, and subject to the conditions and actual policy exclusions. For the actual wording cover, conditions and exclusions, see the policy or contact your agent.
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