Are you prepared?
Now that 2% wind and hail deductibles are the standard, many people find themselves in a financial predicament filing claims. For some carriers 3% and 5% wind and hail are now the lowest rate offered. This means homeowners may owe $5,000 – $25,000 out of pocket to make repairs after a major weather event. Do you know what your deductible amount is? Do you have that amount on hand?
Can you still get 1% Wind and Hail Deductibles?
Most carriers no longer offer 1% wind/hail deductibles for new business. If you can find a 1% you can expect to pay considerably more for your premium than what it would cost to lower that deductible via a companion product. Roofers in Texas are no longer legally able to “work off” the deductible because of Texas House Bill 2102 (HB 2102), therefore even with a low deductible you will still be required to pay out of pocket.
Low Cost, Better Options to prepare for the storm.
At Lavon Insurance we understand this dilemma. We provide cost effective solutions through policies specifically designed for Wind and Hail. Policies that are in addition to your existing home or dwelling policy and do not require changing your current carrier or agent. One option is a Deductible Buyback policy, sometimes referred to as deductible buy down. With a deductible buyback, the policy becomes a companion to your existing policy and will pay out when you make a claim covered by the underlying home insurance policy. Another option is the “wind/hail only” policy, which doesn’t rely on an underlying policy for claims.
Affordable Wind/Hail Standalone Policy
Wind and hail standalone policies allow you the option to select an amount that matches part or all of your home policy’s deductible. The amounts available range from $2,000-$25,000 and are selected based upon your individual financial needs. For some homeowners it may be advantageous to use the wind and hail only policy as your primary protection for storms. A common scenario is to select a higher deductible on the home and dwelling policy for a reduced premium, then purchase a standalone wind/hail only policy to provide coverage for storms. This method can often create a lower combined premium and greater coverage than what is generally offered through just a home policy. Wind/Hail Standalone Policies are a popular choice due to their hassle-free payout. Rather than filing a claim, waiting for an adjuster to come out and assess damages, with a Sola Wind and Hail policy your payout is the amount specified in the policy and claims are determined based upon the reported weather data from the NWS along pictures you provide of the damages.
Whether you goal is to eliminate your deductible, lower your deductible back down to 1%(or $1,000), or select a policy amount suitable to cover an entire roof repair we have a plan to cover your needs. For more information call or text at (972) 853-8884