Friday, September 09, 2011
Media discusses "named storm" insurance deductibles
Joe Stephens has an informative story in the Sept. 9 Washington Post Metro, “For some homeowners, Irene delivers an insurance shock”, link here After Irene, some companies in Maryland tried to impose much higher deductibles on claims.
State laws control the use of these deductibles for specific kinds of events, especially “named storms”. Hurricane deductibles are often 1-5% of the insured value of the home.
Homeowners, even in higher areas as in much of the Piedmont, might well consider riders for sewage blockages and backups, which might occur in events of prolonged rains.
Liz Crenshaw and Kate Roberts of NBC4 (NBC Washington) have an informative article here.
The changing, warming climate means that periods of prolonged rain or snow and ice, or prolonged drought, are much more likely than a few decades ago.