One of a homeowner’s worst nightmares is learning that major expenses resulting from a natural disaster aren’t covered by their insurance policy. Other insurers selling more standard homeowners policies, meanwhile, are making efforts to bridge gaps in coverage that result from high hurricane deductibles and from outdated estimates of what it costs to rebuild. In Florida, typical hurricane deductibles tend to range from 2%, 5% or 10% of the home’s insured value or replacement cost. And many homeowners don’t realize their hurricane deductible is separate from and much higher than the deductible for other kinds of damage. Zurich American Insurance Co.’s Cat4Home policy offers Florida homeowners coverage for hurricane deductibles up to $100,000.
Source: Wall Street Journal October 21, 2019 02:03 UTC