We can Handle all of Your Insurance Needs

Let us find the right coverage for you

Stacks of money representing two deductibles for Bellefontaine Ohio homeowners insurance- Alan Galvez InsuranceHave you received your Ohio homeowners insurance policy renewal and noticed you suddenly have two deductibles?

Or had a claim and discovered then you had 2 deductibles?

Yep- Ohio homeowners insurance. To paraphrase Bob Dylan, ".......it is a-changing."

Why are two deductibles now becoming necessary?

Two words- Mother Nature. She’s been on a roll for the past few years and the industry has been smacked upside the head with wind and other weather-related claims. As an example, in 2012 the estimated costs of claims in Ohio from the June 29 “derecho” and a smaller, yet still violent storm two days later,  are $845 million, making it the state’s third costliest disaster in recent history (
https://www.ohioinsurance.org/one-year-anniversary-of-ohio-derecho-is-june-29/).

Many Ohio homeowners insurance policies now contain TWO separate deductibles

A big change is the introduction of separate “per peril” deductibles. Perils are the cause of a claim. For example, several of our Ohio homeowners insurance companies have introduced a “Wind/Hail” deductible, as well as an “All Other Perils” deductible. 

Here's the difference between the TWO deductibles

One deductible is for wind and hail claims only.

The other deductible is all for "All Other Perils." Examples include fire, lightning, vandalism, theft and the weight of ice, snow and sleet (among many several other possibilities).

With our companies, we're seeing a typical wind/hail deductible of $1,500. The "All Other Perils" deductible is often lower, for example $1,000. So a fire claim would equal a $1,000 deductible. A tornado- $1,500.

How these two deductibles work in real life

If you have a claim OTHER than wind and hail, you will pay the "All Other Perils" deductible. For a wind or hail claim, you will pay THAT deductible.

Ohio homeowners insurance companies also may offer you a "buyback" for the wind/hail deductible. For example, you pay extra premium and get it reduced to $1,000. And perhaps even $500. Depends on the company.

A note: We've also seen the wind/hail deductible amount determined by the amount of coverage on your house. An example- if the home amount is less than $400,000, it’s $1,500 minimum deductible. If it’s over $400,000, it’s $2,500. So this might be the situation in your case.

Here's you what you need to take away from this

If you notice your premium has DECREASED or even just stays the same, it’s probably due to a change like I’ve just described. Ohio homeowners insurance premiums are NOT decreasing as a general rule. So that’s a red flag.

Our specialty is Ohio homeowners insurance. Contact Alan Galvez Insurance at (937) 592-4871 to discuss your Ohio homeowners insurance policy or
visit our dedicated homeowners insurance page for additional helpful resources and to request your quote.
Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version

Stay Up to Date on the Latest News


CONTACT INFO

Alan Galvez Insurance
134 W. Columbus Ave.
Bellefontaine, OH 43311

 (937) 592-4871

 info@galvezinsurance.com

Driving Directions

FOLLOW US