Most policy holders are aware of deductibles when purchasing insurance for their car, home, or health. This requires the policy holder to pay some part of the claimed loss, with the insurance company paying the remainder. Many homeowners in Florida may not be aware of a secondary deductible in their homeowner’s insurance policy. This is the “hurricane deductible” and is applicable any time a tropical system is named by the National Hurricane Center. When this occurs homeowners who file claims for insurance coverage must pay an additional deductible which is anywhere from 2-10 percent of the property’s insured value.
Disputes can occur when the insurance company’s appraiser estimates the home’s damage to be very close to the amount of the hurricane deductible. This results in the homeowner paying the full amount of their deductible and not receiving additional compensation from the insurance company.
Homeowners should always get an independent appraisal of their home and property damage after a named tropical storm. This gives them much more leverage when negotiating with their insurance company. If this is not successful, contact Dino Law and let us handle the negotiations and even possible legal action if the insurance company won’t cooperate.