Hurricane insurance is a safety net for people who reside in an area with a high hurricane risk. Hurricane deductibles (an amount that you need to pay out of pocket before your policy kicks in) are based on a percentage of your home’s value.
Therefore, if in case a hurricane destroys your home, hurricane insurance will ensure that you have adequate protection to alleviate the financial burden of repairing your home.
Hurricane deductibles are calculated based on damage classified by the National Hurricane Center or National Weather Service. Without the appropriate classification, a windstorm deductible is applied to the damages. In addition, your insurance company has a trigger for utilizing the hurricane’s deductible. Generally, the trigger is invoked if the National Weather Service declares a hurricane watch.
After analyzing Hurricane Andrew, insurance companies saw that total losses from hurricanes could be higher than originally anticipated. The aftermath of Hurricane Katrina cost insurance companies almost $50 billion. The substantial losses caused reinsurance companies to declare that they would be unable to assume so much risk moving forward.
During the Atlantic hurricane season, every coastal state is at risk. To reduce exposure to huge losses as a result of natural disasters, insurance companies are including hurricane deductibles in home insurance policies. The percentage deductibles are influenced by the level of hurricane or windstorm. Every year, more homes are at risk of severe weather windstorm damage. Once insurance companies develop deductible plans, they are reviewed by the state insurance department to ensure that it adheres to local laws and regulations.
Hurricane deductibles are applicable for damages resulting solely from hurricanes. There are also windstorm deductibles that apply based on any type of wind damage. Percentage deductibles are anywhere from 2-5 percent of a home’s insured value. You will be responsible for the amount of deductible before your insurer handles the rest of the claim. In some coastal areas that are prone to severe wind damage, the deductible may be higher. Your deductible will be based on your home’s insured value and your insurer’s trigger that determines when the deductible applies.
The New York State Insurance Department outlines that the common deductibles are between 1-5 percent of the insured amount. Some insurers use category 1 hurricanes as the trigger, while others use category 2. The State Insurance Department also requires insurance companies to offer discounts to homeowners who installed hurricane-resistant storm shutters, windows, or doors on their property. The New York Property Insurance Underwriting Association offers windstorm coverage if you are unable to find it elsewhere. The Coastal Market Assistance Plan will help you find coverage if you stay in Queens, Brooklyn, Staten Island, and parts of Long Island.
Be prepared for the hurricane season with the right insurance coverage. Want another great way to protect your home? Secure reliable homeowners insurance that protects you through disasters. Call one of our trusted advisors at Abatelli Group, Inc. We are ready to get you the protection and peace of mind you need.
Finding the right auto insurance policy can be a lengthy process. There are various factors that help decide your premium, including your driving history. In addition, there are other variables at play that you may not be fully aware of.
While you may think it’s a good idea to reduce or eliminate coverage to help reduce your auto insurance premium, you must look at all of the factors involved that impact the cost of your premium. Here is a thorough overview of the factors involved in calculating your auto insurance so that you can make an informed decision.
Certain vehicles cost more to insure. A common example is luxury vehicles that often come with custom accessories that are expensive to replace if damaged. Therefore, driving a luxury vehicle will raise your auto insurance premium. High-risk vehicles are also difficult to ensure. These are vehicles where the likelihood of you being in an accident or your vehicle being vandalized is relatively high. In this current age of technology, many of the recent vehicles are made with innovative security features such as anti-theft devices or anti-lock brakes. If you have these features installed in your vehicle, you may qualify for a lower premium. Research shows that vehicles created with high-quality security features are less likely to suffer serious damage.
Your driving record is considered when figuring out your auto insurance rates. If you have a good driving record, it should be easy for you to find a great auto insurance policy. If you have been in a few accidents, you are going to pay a higher premium. If you have one parking or speeding ticket on your driving record, your rates will stay relatively unchanged. However, try to avoid receiving multiple tickets. If you are an inexperienced driver, you’ll have to pay more for insurance until you can develop a reputation as a good driver.
Insurance companies will look at how much you use your car. If you drive your vehicle regularly, that will impact your auto insurance rates. If you have a lot of miles on your vehicle, insurers may believe that you are a high-risk driver. On the other hand, if you only use your vehicle a few times a week, you should be able to find relatively lower rates.
Your neighborhood does impact your auto insurance premium. If you are staying in a neighborhood with a high rate of accidents and potential theft, you’ll have to pay more for auto insurance. Generally, staying in an urban neighborhood means you will pay slightly higher premiums than staying in a rural area. Where you park your car also impacts your premium. Parking your car in a garage is considered safer, and as a result, your premium will be lower.
All auto insurance policies include liability coverage. You have the option to choose whether you want collision coverage, which protects your vehicle if it’s damaged in an accident, or comprehensive coverage, which covers your vehicle in multiple scenarios. If you opt for comprehensive coverage, your premiums will be a little higher. Your deductible also impacts the amount of your premium. It is the amount you will have to pay out of pocket before your insurer handles a claim.
As you can see, there are multiple variables that help determine your auto insurance rates. If you are looking for a reliable insurer for your car in Whitestone, Flushing, Bayside, Little Neck, and surrounding cities of New York, you can check us out at Abatelli . We will help you find a suitable insurance policy for your car in no time. Contact us today!