GT Insurance Blog

Insurance problems and cures

Homeowners Insurance – deductibles

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Most New Jersey home insurance require wind or hurricane damage deductibles for homes near the shore. A 5% windstorm deductible means that, in the event of wind damage, a $300,000 value house will have a $15,000 deductible.

That’s a problem but there aren’t a lot of alternatives. However, there are a couple of companies imposing hurricane deductibles throughout the state. So, for a house in Morristown that costs $400,000, with a 3% hurricane deductible, when a hurricane touches New Jersey, any wind damage to that house will be the homeowner’s problem until it passes $12,000.

That’s not the market standard. If you see that on your policy, you should look around for another company.


Written by gbwinsurance

December 10, 2009 at 1:11 am

Posted in 1, Insurance

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