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Hurricane deductible
Posted on 7/8/10 at 8:25 pm
Posted on 7/8/10 at 8:25 pm
From what I remember a year or so ago Louisiana was supposed to adopt a deductible system like Flordia's (where your deductable is based through an entire hurricane season). There was a big push to get this through the legislature. Did this measure ever pass?
1
Posted on 7/9/10 at 9:12 am to Chrome
not as far as I know. In fact here most policies have a deductible per wind event which doesnt have to be even a named storm.
Posted on 7/9/10 at 3:54 pm to agdoctor
quote:
not as far as I know. In fact here most policies have a deductible per wind event which doesnt have to be even a named storm
Correct. Most policies contain a per-occurance form wind deductible.
Some policies may contain a Named Storm deductible, which applies only to (wait for it) named storms. All other wind/hail claims are subject to the specified wind/hail deductible or if no wind/hail dedutible is listed, then wind/hail is subject to the ALL OTHER PERILS DEDUTIBLE.
Posted on 7/9/10 at 5:01 pm to mule74
Yes, La has a one time per season named storm deductible law. I just bought a house in BR and my agency is Insurance Network of La. 2 quotes, Hanover and Safeco neither had a named storm deductible.
Posted on 7/9/10 at 5:33 pm to goinallout
quote:
Yes, La has a one time per season named storm deductible law.
Great news, when Gustov hit I (like many others) were suprised by the "new" deductible that insurance companies were allowed.
Posted on 7/9/10 at 6:37 pm to Chrome
quote:
Yes, La has a one time per season named storm deductible law. I just bought a house in BR and my agency is Insurance Network of La. 2 quotes, Hanover and Safeco neither had a named storm deductible.
I have the Hanover that still exists and it is per wind occurence. There is nothing in the policy that says anything about a named storm like it used to. So if a hurricane comes through thats a deductible.If a bad thunderstorm comes through, thats another. If a second thunderstorm comes its a third.I would bet if a second hurricane hits, you'll have to sue and try to collect based on the one named storm law per season. I think you'll lose however.
Posted on 7/10/10 at 1:23 am to agdoctor
Agdoc, Hurricane Fred hits, damages your house and you have a named storm deductible which can only be up to 5% of the value of your house. You fix your house. You can also buy down that deductible with some companies. Hurricane Wilma hits, damages your house, you will pay whatever your normal deductible is. I have the Hanover with a 2k deductible. In your scenario for everytime I repaired my house, I would have that 2k deductible no matter what type of weather caused the damage.
This post was edited on 7/10/10 at 1:26 am
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