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Started By
Message
re: State Farm Hurricane Deductible
Posted on 8/31/20 at 8:36 pm to tigerlife36
Posted on 8/31/20 at 8:36 pm to tigerlife36
Mine is 2%. We made sure of it when shopping policy’s.
The way it works (or it’s supposed to work) is you get quotes for all services and once the insurance approves they take your deductible out of your payout. So if your home is insured for $350k you’d lose $7k out of the payout. In the grand scheme it should be fairly easy to work with your contractors to help absorb that.
The way it works (or it’s supposed to work) is you get quotes for all services and once the insurance approves they take your deductible out of your payout. So if your home is insured for $350k you’d lose $7k out of the payout. In the grand scheme it should be fairly easy to work with your contractors to help absorb that.
3
Posted on 8/31/20 at 8:37 pm to Cosmo
My underwriter is Lloyd's
All Perils $2500 deductible
Named Storm 2% deductible
Water Damage $5,000 deductible
All Perils $2500 deductible
Named Storm 2% deductible
Water Damage $5,000 deductible
Posted on 8/31/20 at 8:39 pm to elprez00
quote:
The way it works (or it’s supposed to work) is you get quotes for all services and once the insurance approves they take your deductible out of your payout. So if your home is insured for $350k you’d lose $7k out of the payout. In the grand scheme it should be fairly easy to work with your contractors to help absorb that.
yep...and thats why I carry a 10k deductible on flood because the bigger the claim those guys turn in the more they get paid...
Posted on 8/31/20 at 9:20 pm to tigerlife36
I used to work for State Farm and please allow me to say...
frick State Farm!
The company changed a lot after Ed Rust retired and they’re now just “another insurance company” except they’re very expensive to pay for and at claim time. They no longer give you a reason to pay more. I advise anyone with State Farm to switch and pay less and get the same service elsewhere.
frick State Farm!
The company changed a lot after Ed Rust retired and they’re now just “another insurance company” except they’re very expensive to pay for and at claim time. They no longer give you a reason to pay more. I advise anyone with State Farm to switch and pay less and get the same service elsewhere.
Posted on 8/31/20 at 9:27 pm to tigerlife36
Yep. I dropped SF 2yrs ago for this very reason. I have Liberty Mutual now, and I’m fairly certain it’s 2%. Premiums are less, too. frick a 5% storm deductible. They’re just trying to reduce market share.
Posted on 8/31/20 at 9:27 pm to tigerlife36
My parents are facing the same. Luckily we have a family member that is an insurance agent. He said keep track of your time cleaning up the house and debris because Farm Bureau takes into consideration your time when calculating deductibles. More than likely, if you take good "clean up" notes, you will meet most... if not all, of your deductible.
Posted on 8/31/20 at 9:37 pm to baldona
I have a $1,000 hurricane deductible and my premium is $1080. Flat deductibles are the way to go, get with an independent agency.
Posted on 8/31/20 at 9:41 pm to Scooba
40K deductible??? What the hell?
Posted on 8/31/20 at 9:42 pm to tigerlife36
This is nothing new, it existed during Katrina.
Posted on 8/31/20 at 9:45 pm to liz18lsu
This has been known but I have been meaning to do some insurance shopping.
Posted on 8/31/20 at 9:46 pm to tigeraddict
quote:
All state is the same. I believe it is state wide
Again, not true. USAA applies the standard deductible, no special exceptions for windstorms like State Farm (which includes tornadoes, by the way). It’s why I changed to USAA.
Posted on 8/31/20 at 10:03 pm to tgrbaitn08
ASI which is now owned by progressive
Posted on 8/31/20 at 10:07 pm to tigerlife36
Mine is flat 1000$, firm got bought by Progressive, I at least need new fence, roof, and chimney/fireplace pipes
This post was edited on 8/31/20 at 10:08 pm
Posted on 8/31/20 at 10:08 pm to Teddy1388
I was told that SF was run out of Mississippi after Katerina.
Posted on 8/31/20 at 10:11 pm to tigerlife36
State Farm tells you the deductible is 2% AND it is clearly stated in the policy AND they mail out a summery policy twice a year outlining the terms of the policy and premium breakdown.
Posted on 8/31/20 at 10:16 pm to elprez00
quote:
if your home is insured for $350k you’d lose $7k out of the payout.
What kind of bozo has a $350,000 house but can’t afford a $7,000 deductible.
I swear, they need to tighten mortgages requirements.
Posted on 8/31/20 at 10:21 pm to Pedro
quote:
Insurance is such a joke
I think the word you are looking for is scam
Posted on 8/31/20 at 10:23 pm to Buck Dancer
quote:
Bankers, ASI and UPC all offer $500 or $1000 hurricane deductibles.
What do you know about upc? I have them and my deductible is $2500. I’m not involved in this storm but they’re not a “big 3” so I assume they’re screw me if I ever need them.
Posted on 8/31/20 at 10:26 pm to elprez00
quote:
So if your home is insured for $350k you’d lose $7k out of the payout. In the grand scheme it should be fairly easy to work with your contractors to help absorb that.
Isn’t that insurance fraud?
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