17 Connecticut insurance companies have agreed to waive their “hurricane deductibles” for Tropical Storm Irene damage[1]. Hurricane deductibles tend to be higher than other deductibles, and the move will save “many homeowners paying tens of thousands of dollars out-of-pocket,” said Governor Dannel Malloy in a joint statement with Thomas Leonardi, insurance commissioner. The damage would normally have been covered under lower-deductible coverage since Irene was classified as a tropical storm by the time it hit Connecticut, but because the storm was called a hurricane in National Weather Service warnings earlier in the week, the hurricane deductible kicked in. “I applaud those companies who are waiving the deductible and commend them for taking this tremendous step of corporate goodwill,” said Malloy. Companies that have not yet waived the deductibles are still in “ongoing” discussions on the matter, and Leonardi has promised to “change and tighten” guidelines on hurricane deductibles in the future.
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[1] http://www.theday.com/article/20110903/NWS12/309039931/-1/NWS
Thanks for the information. This is helpful. Any idea what companies are waving the deductibles and for what states? I had not seen anything on it.
We know that Connecticut’s insurance commissioner is working with a lot of that state’s companies to wave the hurricane deductible. It seems to be the biggest issue in places where the storm was officially a “tropical storm” when it hit because it was classified as a hurricane earlier in the week and, as such, damage technically qualifies for a higher deductible. Check with your agent or with your state’s insurance commissioner’s website to get a better idea, and good luck! ~BEREL