Hurricane Deductibles Won’t Apply for Sandy in Del. Penn., R.I., D.C.

November 4, 2012

  • November 5, 2012 at 1:45 pm
    L. Guide says:
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    Us Floridians pay high out-of-pocket expenses twice: 1)paying the high insurance premiums for our homeowners insurance, and 2) always having to pay the wind deductibles for named storms. If this damage had occured in Florida, would we would have had a break on our deductibles? I doubt it.

  • November 5, 2012 at 2:06 pm
    Melinda Waters says:
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    With much sympathy to everyone who was effected by the loss, we in Florida know it quite well.
    I wish our Governor’s, past and present and our well paid Insurance Department would have fought for us, but no, we get hit with higher premiums beyond belief and also high deductibles. I see that the Insurance carriers, the elected officials and Division of Insurance regulation in those States are not only sympathetic and caring, but it is predicted that the Insurance Companies are not unhappy due to being able to raise premiums next year after the losses are counted. That’s how it works. They raise premiums in excess of the losses to recoup money and make a ton more.
    Don’t buy property in Florida, you will get screwed twice. 1. Higher premiums and 2.huge deductibles. Our insurance division is a mess and no one wants to fix it because it is too profitable for the Companies. They do not have to include wind on their policies in certain counties.
    Florida Native

  • November 5, 2012 at 2:22 pm
    dipper says:
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    An executive order won’t change the way the policies respond. I have a feeling there will be protracted court battles in these states regarding the application of deductibles. In the end it’s the lawyers who win.

  • November 5, 2012 at 2:28 pm
    V says:
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    Don’t get me wrong, I do sympathize and feel badly for all who were hurt by the storm, but I agree with L. Guide. I believe the reduction of deductible is a result of the timing…. The election is tomorrow. You know how it goes, fresh in the voters minds and they will vote for the guy who helped them yesterday regardless of what he did last week or the week before.

    I think we need to come together and determine collectively how to handle “hurricane” deductibles. My company just uses wind deductibles. Makes it pretty clear.

  • November 12, 2012 at 7:31 pm
    renoscs says:
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    Sandy wasn’t a hurricane?? PLEASE!!!! These states that say it wasn’t a hurrucane are slitting the throats of their residents. Wait and see how many carriers will seriously consider offering less property coverage in the coastal/inland areas in the future and increased rates. They can always go to the Surplus Lines market and pay more for less coverage. The cycle continues!!!!



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