Call Us 239.542.7101 ☰ ˟
239.542.7101
Logo
  • Home
  • What We Offer
    • Business Insurance
    • Workers Compensation
    • Liability Insurance
    • Bonds
    • Commercial Auto Insurance
    • Employee Benefits
    • Business Life & Disability
    • Life Insurance
    • Personal Insurance
    • Specialty Programs
    • HR Support
  • Client Services
    • Client Services
    • Make a Payment
  • News & Information
    • Newsletters & Alerts
    • Disaster Relief Links
    • Safety Resources
    • Helpful Links
  • Blog
  • About Us
    • About Premier Insurance
    • Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Home > Blog > Hurricane deductibles: How much do homeowners know?
TUESDAY, JULY 18, 2017

Hurricane deductibles: How much do homeowners know?

Hurricane deductibles: How much do homeowners know?

Survey finds coastal homeowners don’t know much about hurricane deductibles.

JUN 28, 2017 | BY CATERINA PONTORIERO

Despite living in areas susceptible to hurricanes, one third of homeowners in several coastal states don't know what hurricane deductibles are and how they work.

According to a new study from the Insurance Research Council (IRC) titled “Public Understanding of Hurricane Deductibles, Need for Consumer Education Persists,” 34% of homeowners polled in New Jersey, North Carolina, South Carolina, Florida and Texas said they had never heard of hurricane deductibles or were not sure what they were, and 26% admitted they lacked an understanding of deductibles in general (see graphs below).

Do homeowners know how their deductibles work?

A hurricane deductible is a higher deductible found in homeowners’ insurance policies that applies when a hurricane occurs. These deductibles, which became more common after insurers suffered heavy losses from Hurricane Andrew in 1992, are often calculated as a percentage of the insured value of a home, another concept the IRC survey found unfamiliar to homeowners.

 

One in three respondents with percentage-based hurricane deductibles did not know or were unsure of the percentage applicable to their deductible, and four in 10 did not understand the basis for calculating the deductible. One in four respondents incorrectly thought the percentage was applied to the total amount of their claim (see graphs below).

(Click images to enlarge.)

The degree of hurricane deductible understanding — or the lack of it, really — wasn’t consisted across the board, however. The survey found that the level of understanding varied across the five states. New Jersey respondents demonstrated the lowest level of awareness and understanding of several hurricane deductible issues, despite the fact that about 346,000 homes in New Jersey were damaged or destroyed by Superstorm Sandy in 2012.

The report is based on an online survey conducted by GfK Public Affairs & Corporate Communications of 1,047 homeowners — 200 or more in each of the five states studied. Only homeowners living in selected counties where the home involved was their primary residence and with insurance coverage purchased exclusively from private insurance companies were included.

Posted 8:00 AM

Tags: hurricane deductible, florida home owner insurance, fort myers business insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013

  • employee benefits(106)
  • business insurance(99)
  • fort myers insurance(80)
  • insurance(72)
  • fort myers business insurance(55)
  • cape coral insurance(45)
  • cape coral(42)
  • fort myers(42)
  • workers comp(41)
  • wellness(38)
  • business(32)
  • health insurance(32)
  • covid-19(28)
  • motivational monday(22)
  • workers compensation(21)
  • wellness wednesday(21)
  • coronavirus(19)
  • health(19)
  • group health(16)
  • fort myers employee benefits(16)
  • commercial insurance(15)
  • hr(13)
  • cape coral business insurance(11)
  • group insurance(10)
  • group benefits(9)
  • liability(9)
  • cape coral employee benefits(8)
  • life insurance(8)
  • fort myers workers compensation insurance(8)
  • funny friday(8)
  • workers compensation insurance(8)
  • corona virus(7)
  • cyber security(7)
  • general liability(7)
  • osha(7)
  • group health insurance(6)
  • health insurance fort myers(6)
  • auto insurance(6)
  • epli(6)
  • benefits(6)
  • employee benefits design(6)
  • hurricane(5)
  • cyber liability(5)
  • business insurnace(4)
  • hurricane season(4)
  • lee county business insurance(4)
  • compliance(4)
  • florida(4)
  • hurricane preparedness(4)
  • aca(3)

View Mobile Version
Logo
Quick Links
Home Business Insurance Personal Lines Make A Payment Report a Claim About Premier
Refer A Friend Our Carriers Blog Disaster & Safety Resources Helpful Links Contact Us
Location
1326 Cape Coral Parkway E
Suite 1
Cape Coral, FL 33904

P: 239.542.7101
F: 239.542.0693
Social Social Social Social
© Copyright. All rights reserved.
Powered by Insurance Website Builder