Deductibles in insurance policies refer to a set amount of money, for example, $2,000, that a homeowner will have to pay before the insurance coverage kicks in.
According to the Insurance Information Institute (III), insurance companies generally determine the amount of a hurricane or windstorm deductible and when it applies.
The state of Georgia generally includes hurricane deductibles in homeowner insurance policies. While policies can vary, the deductible usually ranges from one to five percent of the home’s insured value. While this may not sound like a lot, consider that one percent of a $500,000 home is $5,000, and five percent totals $25,000.
Policyholders typically cannot get around paying these deductibles. Consider that you may have to pay the deductible upfront before receiving any coverage for your hurricane damage.