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!

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.

Percent of dwelling deductible has been common for years.

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.

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

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.

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.

In the good ole state of FL where getting screwed by insurance is a law -- my deductible is 5%

What about just deleting hail damage completely, can you do that?

Pretty sure you could, but why? Wind and hail are probably the leading cause of damage you are facing.

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.

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.

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.

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.