Responsive Insurance Inc

Most often the hurricane deductible is a percentage of the "dwelling" coverage amount. For example, if you have a home with $300,000 of dwelling coverage and a 2% hurricane deductible, your deductible would $6000. It's important to remember the deductible is a % of the dwelling amount, not just a % of the actual damage incurred. In some less common situations, the hurricane deductible can be calculated as a percent of personal property coverage (some condo unit owner policies, for example). Occasionally the hurricane deductible will be a flat, specified dollar amount.

Statistically, about 20% of the claims through the National Flood Insurance Program occur in areas that aren't technically considered special flood hazard areas. Combine that with the fact that most home and condo unit owner insurance excludes damage from flooding, and seriously considering flood insurance is still a very good idea even when your property isn't in a special flood hazard area or the coverage isn't required by your lender.