Along Colorado's Front Range, wind and hail claims are among the most common homeowners insurance losses. Understanding how your policy handles these claims, and the deductible that applies, is an important part of evaluating your overall coverage.
A Separate Deductible
Many Colorado homeowners policies include a wind and hail deductible that's separate from the standard homeowners deductible. More importantly, it's often calculated as a percentage of your home's insured value rather than a flat dollar amount.
Depending on your policy, that percentage may be one percent, two percent, or more. On higher-value homes, the resulting deductible can represent a significant out-of-pocket expense following a covered storm claim.
Do the Math Early
Knowing your wind and hail deductible before you need to file a claim can help prevent surprises. Reviewing both the percentage shown on your declarations page and what that amount represents in dollars is an important part of understanding your coverage.
What to Consider
- Know your exact wind and hail deductible and what it represents in dollars.
- Confirm whether your roof is covered on a replacement cost or actual cash value basis.
- Understand how different deductible options may affect both your premium and your out-of-pocket costs following a covered loss.
- Consider how your wind and hail deductible fits into your overall insurance plan.
There's no single right answer when it comes to choosing a deductible. The appropriate choice depends on your budget, your comfort with risk, and the coverage options available to you.
During a coverage review, I'll explain how your wind and hail deductible works, review your roof coverage, and help you determine whether your current deductible is appropriate for your situation.
