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Understanding Windstorm and Hurricane Policy Deductibles

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In hurricane-prone states, deductibles on homeowners insurance policies are often set as a percentage of the insured value of the property rather than a fixed-dollar amount. This is because of the higher-risks involved in insuring properties in these regions – something that was made abundantly clear after Hurricane Katrina, which cost insurance companies over $40 billion.

In Maine, hurricanes and other windstorms are a risk factor. In a homeowners policy, deductibles for hurricanes are generally offered separately and set at a higher rate than for other perils, either as a fixed-dollar amount or as a percentage of the home’s insured value. Some insurers also provide the option of separate deductibles for windstorms, hail, and water damage.

As a homeowner in Maine, it’s also important to take steps to protect your home if you want to reduce your risk of loss. The Institute for Business and Home Safety (IBHS) provides plenty of detailed information on actions you can take to help protect your property from hurricane, windstorm and hail damage.

When it comes to homeowners insurance, not all policies are created equal, and the best thing to do is to talk to a local agent who understands the disasters and risks of the region and who can help you find the most suitable policy for your needs. Contact one of our agents for more information if required.

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