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Claim Your Insurance Lottery Ticket

value, or your total ​dwelling coverage​ amount. Meaning, if your
house is insured for $200,000 and your policy has a 1%
hurricane deductible, $2,000 would be deducted from the claim
payment. If the damage amounted to $15,000, your
reimbursement would be $13,000 after you pay your deductible.
In hurricane-prone regions of the country, like Florida and
many oceanside counties on the Atlantic coast, special
hurricane deductibles​ may be “triggered” and applied to property
damage claims caused by a named storm or hurricane. What’s
the criteria for companies triggering a named storm or hurricane
deductible? While it varies from state to state based on states’
insurance regulations, insurance companies usually need to wait
until a storm or hurricane has been officially declared or named
by the National Weather Service. If the chance of your home
being damaged by a hurricane isn’t particularly high, it may be
tempting to set your deductible at a higher percentage to secure
a lower rate. But keep in mind that the high deductible/low
premium strategy could prove a little more costly with
percentage deductibles than your standard dollar amount
deductibles. For example, a 5% deductible on a home insured
for $200,000 would mean you need to pay $10,000 out of pocket
as opposed to $2,000 for a policy with a 1% deductible.

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