Quick Q&A on Insurance Claims and Hail Deductibles

Let’s say the weather just did a number on your home and you’re looking for Byram Township NJ roofing contractors who can take care of the damage left behind. If you’re like most American homeowners, you need to work on a budget and are living in hopes that your insurance provider will pick up part, if not most, of the tab for repairs.

Unfortunately, if you live in a hail-prone area and are dealing with damage from a recent hail storm, your insurance company might not be as helpful as you’d hoped. The reason? Hail deductibles.

Q:           What are hail deductibles?

A:            Deductibles refer to the amount you have to pay out of pocket before your insurance provider pays for your claim. Say you’re looking at hail damage worth $1,000. If your policy stipulates that you have a deductible of $200, you’re going to have to cover that amount yourself. The rest will come from your insurance company.

Q:           Why are hail deductibles implemented?

A:            From 2007 to 2011, wind and hail damage accounted for the biggest chunk of home insurance claims. To give themselves a bit of protection and keep premiums down, insurance providers introduced hail deductibles. It’s a bit similar to the time when insurance companies along the East and Gulf Coasts applied hurricane deductibles after Hurricane Katrina hit in 2005.

Q:           How much will hail deductibles cost you?

A:            The exact amount you have to shoulder will depend on what is stated in your policy. It typically falls between 1% and 5% of a homeowner’s insurance coverage. So if your policy is worth $250,000, a 1% hail deductible will have you paying $2,500 out of pocket for every hail-related claim before your coverage kicks in. Some insurance policies name a flat amount as a deductible rather than a percentage.

Up and Above Contractors, one of the most sought-after roofing contractors in Byram Township NJ, will be happy to not only get your roof back in shape for you but also help you document and file your insurance claim. If you’ve got hail damage, feel free to call us today for inquiries and to get a free estimate.