A hurricane deductible was designed to make homeowners pay for a greater percentage of their property damage than ever before. It was designed to help insurance companies limit the amount they paid out following natural disasters and hurricanes.
The hurricane deductible was a percentage of the assessed value of your house. That could range anywhere from 1%-5%. If your house was valued at $500,000 and you had a 5% hurricane.
Governor Cuomo has recently mandated that all insurance companies who insure property owners in the State of New York who submit property damage claims arising from hurricane Sandy, are required to waive the hurricane deductible. A homeowner will still be required to pay their standard deductible.
Watch the video to learn more.
