Deducible por Huracán de la Florida
Are you aware that if you have windstorm/hurricane coverage on your homeowners’ policy, you may also have a separate hurricane deductible? Do you know how a hurricane deductible impacts your claim? Do you know when it applies to a claim?
Florida laws are very specific regarding when the hurricane deductible applies, for what duration of time and how many can be applied in a calendar year. Review the resources below to better understand how a hurricane deductible can impact your claim.
What is the definition of a hurricane for insurance purposes?
A hurricane is defined in s. 627.4025(2)(c), Florida Statutes, as a storm system that has been declared a “hurricane” by the National Hurricane Center of the National Weather Service.
What is the definition of hurricane coverage?
“Hurricane coverage” is coverage for loss or damage caused by windstorm during a hurricane. The term includes damage to the interior of a building or to property inside a building, caused by rain, snow, sleet, hail, sand or dust if the direct force of the windstorm first damages the building, causing an opening through which rain, snow, sleet, hail, sand or dust enters and causes damage anywhere in the state of Florida. This is also found in s. 627.4025, Florida Statutes.
When does the hurricane deductible apply?
According to s. 627.4025, Florida Statutes, the hurricane deductible applies only in the event of a named hurricane. The duration of a hurricane in which the hurricane deductible would apply includes the time period:
1) Beginning at the time a hurricane watch or warning is issued for any part of Florida by the National Hurricane Center. Remember, it must be a “hurricane” declared by the National Hurricane Center; and
2) Que termina 72 horas después de finalizada la última advertencia o alerta de huracán emitida por el Centro Nacional de Huracanes para cualquier parte de la Florida.
Tenga en cuenta que si su póliza tiene un deducible para techos por separado, dicho deducible no se aplicará cuando se aplique el deducible por huracán.
What are the hurricane deductible options?
All insurance companies must offer hurricane deductible options of $500, 2 percent, 5 percent, or 10 percent of the policy dwelling or structure limits, unless the specific percentage deductible is less than $500. The hurricane deductible must be listed as a dollar amount, even if the deductible is listed as a percentage amount.
There are a few exceptions to the hurricane deductible amounts that must be offered. The exceptions are:
1) Dwellings insured for at least $100,000 through $249,999: an insurance company may offer a policy that guarantees that the company will not non-renew the policy in order to reduce the hurricane exposure for one 12-month renewal period. However, the policy may include up to a 2 percent hurricane deductible.
2) Dwellings with insured limits of $250,000 or more: The insurance company does not have to offer the option of a $500 hurricane deductible.
3) Any Dwelling with insured limits of less than $500,000: The policy may not have a hurricane deductible in excess of 10 percent unless:
a) The policyholder personally writes and provides to the insurance company the following statement in his or her own hand writing, signs their name, and is signed by all other named policyholders on the policy and dated: “I do not want the insurance on my home to pay for the first (specify dollar value) of damage from hurricanes. I will pay those costs. My insurance will not.” (Per Section 627.712(2)(a)1, Florida Statutes)
b) Si la estructura asegurada tiene una hipoteca o derecho de retención, el titular de la póliza debe entregar a la aseguradora una declaración por escrito del beneficiario de la hipoteca que indique que aprueba que el titular de la póliza opte por no tener el deducible especificado.
Esto está permitido en virtud de, y sujeto a, las regulaciones que se describen en la sección 627.701(d)1(a) y (b) de los Estatutos de la Florida.
How is the hurricane deductible applied to my policy?
The single season hurricane deductible applies to personal lines residential property policies. The provision states that after the first hurricane deductible has been applied, the deductible for the second hurricane (during the same year) will be the greater of the amount left over from the first hurricane deductible, if the deductible had not been met or the “all peril” deductible. If the hurricane deductible was met in full with the first hurricane claim, the “all peril” deductible would apply to other hurricane claims that occur the same year.
Commercial residential policies, for example, condo association policies, must provide either a hurricane deductible as described above or one with a separate hurricane deductible for each hurricane.
El Deducible por Huracán de Una Temporada no es obligatorio en la pólizas del Mercado de Líneas Excedentes.
How does the inflation guard endorsement affect coverage and the hurricane deductible?
Inflation guard is an endorsement added to most property replacement cost insurance policies which provides that the policy limits will increase a certain percentage at regular intervals. The inflation guard endorsement helps the amount of your coverage keep up with current construction costs.
The inflation guard endorsement can affect the amount of coverage in force at the time of a hurricane loss and the amount of the deductible applied. It will only affect hurricane deductibles that apply as a percentage. This can change the amount a policyholder receives for a hurricane claim filed against their homeowners policy when the hurricane deductible is shown as a percentage.
The insurance company must disclose on the policyholder’s "dec page" if the inflation guard endorsement may cause the hurricane deductible to be higher than indicated when a loss occurs.
All Peril Deductible (Deducible Todo Riesgo): el monto que el titular de una póliza debe pagar de su bolsillo para cubrir daños o pérdidas antes de que su aseguradora comience a pagar una reclamación. Si presenta una reclamación y está cubierto, el deducible se resta del monto que paga la aseguradora.
Coverage A / Dwelling Coverage (Cobertura A / Cobertura de Vivienda): Una vivienda es una edificación ocupada principalmente como residencia privada. La cobertura de vivienda también incluye estructuras anexas a la vivienda, como un garaje, una cubierta, un patio o un porche.
Declarations Page: the declarations page, also known as the "dec page", is the first page of a policy that contains the specific policy information. For example, the name of the insurance company, policy number, the different types of coverages included in the policy, coverage limits and coverage costs. The "dec page" also outlines the policy forms, endorsements, supplemental coverage(s) and the deductibles. Additionally, the "dec page" also includes the name and mailing address of the policyholder, the physical address of the insured property, if different than the mailing address, and the name, mailing address, and contact information of the insurance agent who issued the policy.
Hurricane: a storm system that has been declared a hurricane by the National Hurricane Center.
Hurricane Coverage (Cobertura contra Huracanes): cobertura por pérdidas o daños causados por una tormenta de viento durante un huracán. El término incluye los daños al interior de un edificio o propiedad dentro de un edificio, causados por la lluvia, nieve, hielo, granizo, arena o polvo si el edificio sufre primero daños a causa de la fuerza del viento, que causan aberturas a través de las cuales pueden ingresar y causar daños la lluvia, la nieve, el hielo, el granizo, la arena o la tierra, en cualquier parte del estado de la Florida. No incluye cobertura por inundaciones.
Hurricane Deductible: the amount noted on the policy "dec page", which is paid by the policyholder before an insurance company issues any payment for damage caused by a hurricane. The deductible amount is generally subtracted from a claim payment prior to the issuance of the check.
Hurricane Deductible Option (Opción de Deducible por Huracán): las diferentes alternativas en dólares o de porcentaje disponibles conforme al contrato de la póliza.
Hurricane Watches and Warnings (Alertas y Advertencias de Huracán): alertas respecto de la aproximación de un sistema de tormenta. Las alertas se emiten con 48 horas de anticipación con respecto al inicio previsto, y las advertencias se publican 36 horas antes del inicio de vientos huracanados de una tormenta tropical dentro de un área específica.
Hurricane Coverage Exclusion: all insurance companies authorized to issue property insurance by the Office of Insurance Regulation (Surplus Lines are not included), must make an exclusion of windstorm coverage available. The coverage may be excluded if the policyholder personally writes and provides to the insurance company the following statement in his/her own handwriting and signs his/her name, which must be signed by all named policyholders on the policy: “I do not want the insurance on my (home/mobile home/condominium unit) to pay for damage from windstorms. I will pay those costs. My insurance will not.” If there is a mortgage holder or lien holder, they must give their written permission for the coverage to be excluded. This is allowed by, and subject to regulations outlined in s. 627.712(2)(a)1. and 2., Florida Statutes.
Single Season (Calendar Year) Hurricane Deductible: this provision applies to all covered windstorm claims that occur during a hurricane. The hurricane deductible is applied on a calendar year basis as long as you are insured by the same insurance company or an insurance company from the same group for all subsequent hurricanes. This means you only have to pay one hurricane deductible within the calendar year, provided you are insured with the same insurance company or an insurance company within the same group when windstorm damage occurs from a second hurricane during the same calendar year. The deductible for the second hurricane will be the greater of:
1. The amount left over from the first hurricane deductible, if the deductible wasn’t fully met or,
2. The “all peril” deductible as stated on the policy.
If the hurricane deductible was met in full with the first covered windstorm claim, the “all peril” or standard deductible would apply to other windstorm claims resulting from a hurricane that occurs in the same year.
Learn more about your hurricane deductible and when it applies.
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