A total of 19 states allow deductibles on hurricane insurance. Amounts vary but are usually between one and five percent of the insured value. For a typical home, that can easily mean you have to pay $10,000 or more before your standard policy starts to pay out for damages.
Coverage To Limit Economic Losses
Considering the devastation and extra rebuilding costs after a severe storm, this outlay can be financially devastating. One way to minimize your out-of-pocket costs is by adding Parametric insurance to your portfolio. It can provide first-dollar coverage for expenses both large and small.
Parametric insurance bases payouts on wind speeds recorded by the WeatherFLow network of anemometers. It is reliable and available immediately so coverage determinations can be made quickly.
Benefits of First Dollar Hurricane Coverage
There are many benefits of customizing your storm coverage. For example, a first-dollar policy can pay quickly, which is critical when you need immediate assistance. Additionally, the amount you have to pay out-of-pocket is reduced or eliminated. This is important since rebuilding costs are often higher after a storm due to increased demand for building supplies and contractors.
Hurricane coverage can have high deductibles before they begin to pay for damages. Adding first protection can help limit your economic losses by providing quick payments after damage occurs.