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Deductible change for wind and hail damage is CRAZY Login/Join 
always with a hat or sunscreen
Picture of bald1
posted
Just got my annual homeowners policy package for review prior to the expiration at the end of March.

They've changed their policy of wind and hail damage deductibles from a flat amount ($1,000) to 1% of the dwelling coverage. For me that's approaching a 500% increase! Absolutely insane!



Certifiable member of the gun toting, septuagenarian, bucket list workin', crazed retiree, bald is beautiful club!
USN (RET), COTEP #192
 
Posts: 16608 | Location: Black Hills of South Dakota | Registered: June 20, 2010Reply With QuoteReport This Post
Thank you
Very little
Picture of HRK
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Yep that's the new norm, with all the roofing scam artists out there the carriers are protecting themselves.

Down here the largest civil attorney group Morgan and Morgan bought and advertises roofclaim.com, they have a complete staff that monitors weather reports for hail, once they find even the smallest area they send in the jackals to get claims.

It's big money, and one that has caused the industry to get states to change the way claims are handled on roofs.

Some companies will let you buy down the deductible to $1000 or so but it's expensive.
 
Posts: 24650 | Location: Gunshine State | Registered: November 07, 2008Reply With QuoteReport This Post
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Picture of 4MUL8R
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Percent of dwelling deductible has been common for years.


-------
Trying to simplify my life...
 
Posts: 5263 | Location: Commonwealth of Virginia | Registered: January 15, 2007Reply With QuoteReport This Post
always with a hat or sunscreen
Picture of bald1
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quote:
Originally posted by 4MUL8R:
Percent of dwelling deductible has been common for years.


Maybe in your circles but not in this part of flyover country.



Certifiable member of the gun toting, septuagenarian, bucket list workin', crazed retiree, bald is beautiful club!
USN (RET), COTEP #192
 
Posts: 16608 | Location: Black Hills of South Dakota | Registered: June 20, 2010Reply With QuoteReport This Post
Semper Paratus
Picture of sj4550
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I know it is different in different parts of the country, But here in Texas My 1% deductible increased to 3%

Worked to find a reputable insurer to write a policy with a 2% and policy cost still increased about $800 a year. And that is with no claims reported
 
Posts: 382 | Location: Ovilla, TX | Registered: May 03, 2006Reply With QuoteReport This Post
More persistent
than capable
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A friend in Plantation Fl said the deductible on his homeowners went up to 25% of rebuild cost. The windstorm and hurricane portion of the policy is 3500.00 with the above deductible.


Lick the lollipop of mediocrity once and you suck forever.
 
Posts: 1105 | Location: North | Registered: August 27, 2012Reply With QuoteReport This Post
Happily Retired
Picture of Bassamatic
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Yeah, our deductible has been 1% of value for quite some time. From what I can tell, it's a pretty standard thing.

We had a hell of an ice storm come through here last spring, pounded on us for over 45 minutes. In the fall, we ended up replacing the roof on our home and on the two outbuildings which are both metal. One a garage and the other our barn. All of these roofs were over 18 years old at the time. Thank God we paid for the full replacement value policy for these roofs. The total, when the smoke cleared, was a little over 40 grand. Our out of pocket expense was right around four thousand.



.....never marry a woman who is mean to your waitress.
 
Posts: 5186 | Location: Lake of the Ozarks, MO. | Registered: September 05, 2005Reply With QuoteReport This Post
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Picture of FLKev
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In the good ole state of FL where getting screwed by insurance is a law -- my deductible is 5%




"It's gon' be some slow singing -n- flower bringing............ if my burglar alarm starts ringing"


 
Posts: 681 | Location: GATORLAND | Registered: August 14, 2009Reply With QuoteReport This Post
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Picture of ridewv
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What about just deleting hail damage completely, can you do that?


No car is as much fun to drive, as any motorcycle is to ride.
 
Posts: 7376 | Location: Northern WV | Registered: January 17, 2005Reply With QuoteReport This Post
Happily Retired
Picture of Bassamatic
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Pretty sure you could, but why? Wind and hail are probably the leading cause of damage you are facing.



.....never marry a woman who is mean to your waitress.
 
Posts: 5186 | Location: Lake of the Ozarks, MO. | Registered: September 05, 2005Reply With QuoteReport This Post
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Picture of Prefontaine
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quote:
Originally posted by bald1:
quote:
Originally posted by 4MUL8R:
Percent of dwelling deductible has been common for years.


Maybe in your circles but not in this part of flyover country.


It’s a big change for many of us all over the country. I don’t do escrow (fuck prepaying for insurance, taxes, no thanks) and pay taxes/homeowners on my own. I pay the homeowners in 12 monthly installments. I remember when I was paying $70 a month. Then it went to $100, then $120, $150, $180, $220, and this year it’s $348 a month. That’s with a 1% deductible. My broker said we could save “some” money going to 2% deductible and I told him with that high of cost, well if I didn’t have a mortgage I just wouldn’t carry it anymore. My next home will be a metal building and I’m only going to carry fire insurance if that is possible. It’s just gotten obscene. It’s like poor drivers, or people that make too frequent claims on homeowners, or fat/obese people using the holy hell out of their medical insurance. Charge the people who use it the most, the most, and those of us who don’t use it in case of absolute emergency, the least. Far too many make claims for every little thing. This is the result of that.



What am I doing? I'm talking to an empty telephone
 
Posts: 13127 | Location: Down South | Registered: January 16, 2010Reply With QuoteReport This Post
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quote:
Originally posted by 4MUL8R:
Percent of dwelling deductible has been common for years.


Yes. This trend started about 20 years ago, and 1% of insured value is relatively low. Many policies require deductible amount of 2% of dwelling value for hail and windstorm claims.

Our home in southern Colorado is very close to the median in this area, about $370,000. Deductible of 2% means we pay the first $7,400 on a claim.

Our location also averages a damaging hail storm every 5 to 10 years.

I feel your pain.


Retired holster maker.
Retired police chief.
Formerly Sergeant, US Army Airborne Infantry, Pathfinders
 
Posts: 1119 | Location: Colorado | Registered: March 07, 2009Reply With QuoteReport This Post
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quote:
Originally posted by ridewv:
What about just deleting hail damage completely, can you do that?


Ask your insurance company. Then call your mortgage company and see if they will continue on the mortgage without full coverage or if they will take the opportunity to call the loan for immediate payment in full.

Most mortgage contracts require insurance coverage with lien-holder assignment, and failure to maintain the insurance requirement allows them to either purchase a policy at your expense or call the note immediately.


Retired holster maker.
Retired police chief.
Formerly Sergeant, US Army Airborne Infantry, Pathfinders
 
Posts: 1119 | Location: Colorado | Registered: March 07, 2009Reply With QuoteReport This Post
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Picture of ridewv
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quote:
Originally posted by LoboGunLeather:
quote:
Originally posted by ridewv:
What about just deleting hail damage completely, can you do that?


Ask your insurance company. Then call your mortgage company and see if they will continue on the mortgage without full coverage or if they will take the opportunity to call the loan for immediate payment in full.....



I don't have a mortgage. One of my houses is not insured and I am seriously considering dropping insurance on the other.
But if you have a mortgage and all mortgage lenders require hail insurance all you can do is up the deductible. Someone has to pay for your roof.


No car is as much fun to drive, as any motorcycle is to ride.
 
Posts: 7376 | Location: Northern WV | Registered: January 17, 2005Reply With QuoteReport This Post
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