Seven out of ten of the worst, costliest hurricanes in US history occurred in the State of Florida. This translates to billions of dollars in damaged homes, businesses, and all the cleanup and reconstruction costs that follow afterwards. As a property owner, it’s not enough to reinforce your house or take sufficient safety measures in readiness for the next hurricane. Rather, you’ll also require a solid back up in the form of an insurance policy.
And one of the best ways to get the best policy in Florida lies in speaking to a reputable insurance agent like Dunham insurance. We have been offering our services to residents of Florida for the over 20 years; we are abreast and in touch with all the current trends in the insurance industry. Hurricane deductible paybacks are one of the most effective ways to ensure that you effectively shield yourself from financial losses when hurricanes and storms occur.
There are a few things you need to know about hurricane deductible buyback:
- Insurers in most coastal states like Florida are increasingly reviewing their rates for the deductible percentages they offer in their policies. At Dunham insurance, our work is to advise and guide you forward in picking the best policy package.
- The deductible buyback policy works as follows: If your home was insured for $1 million and you have an industry standard 3% deductible (or $30,000) then in the event of hurricane damage, you would have to pay the first $30,000 of repairs. However, with a Hurricane Deductible Buyback Policy, you are 100% covered for the $30,000 deductible as well.
- As an example, a recent client of Dunham Insurance had a home with an insurance policy of $2 million. The homeowner was on the hook for the first $60,000 of repairs in the event of a hurricane. The team at Dunham Insurance advised the client, and were able to secure a Hurricane Deductible Buyback Policy covering 100% of that $60,000 deductible. The cost of the deductible buyback policy? A mere $546...
- Another recent Dunham Insurance case involved a home that had a $500,000 insurance policy. The home was also lacking sufficient hurricane shutters and windows as added protection. The homeowner was facing a 3% deductible (or $15,000) in the event of hurricane damage. The team at Dunham Insurance was able to get that deductible 100% covered, for only $580 with a Hurricane Deductible Buyback Policy.
- It’s however important to remind you that not all types of property or construction can be covered in the hurricane buyback deductible policy. Our team at Dunham Insurance will always be on standby to come inspect, and advise you on whether the premises qualifies to get coverage. Usually, pools, fences, sea walls, and other facilities that are away from the main structure aren’t included in the buyback policy.
Get in touch with the team at Dunham Insurance today for professional advise on the best hurricane deductible payback for your property. We are grounded in our motto of “protecting the lifestyle to which you are accustomed”, and we are here for all your insurance needs. Talk to us today via our Contacts Page, or give us a call at 954.564.7772.