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Florida Has Hurricane Deductibles

Nineteen states and the District of Columbia have hurricane deductibles, according to the Insurance Information Institute...
September 11, 2017

Nineteen states and the District of Columbia have hurricane deductibles, according to the Insurance Information Institute. In Florida, the typical homeowners policy has a 2 percent hurricane deductible, and the average insured value is $250,000, according to a spokesperson for the Office of Insurance Regulation (OIR). That means the average Florida homeowner needs to pay about $5,000 to cover the deductible, which “may be problematic for some homeowners,” the OIR says.

These deductibles were widely put in place after Hurricane Katrina in 2005 and have been standard in many states for years, reports the Wall Street Journal. But they have rarely been triggered on a large scale because few hurricanes have landed in the U.S. over the past decade.

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