Post-Sandy, lower deductibles for homeowners
The latest development in responding to damage from Hurricane Sandy is some good news for policyholders, particularly those of Homeowners Insurance. As reported today in the New York Times, governors in the major affected states have ruled that the storm did not constitute a hurricane and as such, the higher hurricane deductibles will not apply.
In many cases, these deductibles are many times the ‘non-hurricane’ deductibles used for most claims. In the states of New Jersey, New York, Connecticut and Maryland, insurers cannot enforce costly hurricane deductibles on storm-related claims.
About the Author
Phil Edmundson is the Chairman and CEO of William Gallagher Associates (WGA), insurance brokers and consultants for businesses with over 30 years in the insurance industry. He manages strategy, talent acquisition and development, and management / acquisitions at WGA.