Hurricane Deductibles and Wind vs. Hurricane Damage - FLOIR
Hurricane Deductibles and Wind vs. Hurricane Damage
The following information explains the different deductibles on a homeowners' policy and the difference between hurricane and non-hurricane wind damage.
1. Homeowners' policies are made up of many coverages; however, policy deductibles are usually expressed in two parts: hurricane coverage and coverage for all other perils. . 2. Section 627.701, F.S. states that insurers must offer the following hurricane deductibles: $500, 2 percent, 5 percent and 10 percent. Percentages are of the total value of the home (e.g., a 10 percent hurricane deductible on a $200,000 home would be $20,000). "Other perils" deductibles are generally lower, such as $500, $1,000, or 1 percent of the value of the home.
3. Wind damage to a home is considered hurricane damage (and therefore the hurricane deductible applies) only if the wind damage occurred during a hurricane named by the National Hurricane Center of the National Weather Service.
4. According to Section 627.4025, F.S., the duration of the hurricane includes the time period, in Florida:
? Beginning at the time a hurricane watch or hurricane warning is issued for any part of Florida by the National Hurricane Center of the National Weather Service;
? Continuing for the time period during which the hurricane conditions exist anywhere in Florida; and
? Ending 72 hours following the termination of the last hurricane watch or hurricane warning issued for any part of Florida by the National Hurricane Center of the National Weather Service.
5. Wind damage caused in any other circumstance is deemed non-hurricane damage and the "all other perils" deductible applies.
Consumers with questions or concerns should call their agents, the Department of Financial Services' Consumer Helpline at 1-877-693-5236 or visit its Web site .
Source: Florida Office of Insurance Regulation
8/19/2008
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