The summer of 2019 was going on our records as perfect weather for vacationers. The Cape Cod vacationers this week were thrown for a loop when a Tornado actually touched down.
Fortunately it looks like there were no serious injuries from this event. There have been reports of property damage and major power outages which prompted a few discussions in our office.
Many coastal properties have separate wind and hail deductibles. This means that even though you selected a $1,000 on your home, you may also have a HIGHER windstorm and hail deductible for your property.
Just last year the Massachusetts Property Insurance Underwriting Association (MPIUA) updated their policies to change the name of their Wind Deductible to Named Storm Deductible. A Named Storm Deductible is defined as a hurricane or tropical storm given a name by the National Weather Service.
Most policies that have these additional deductibles will have a Wind/Hail Deductible or a Named Storm Deductible but not both.
It is always a good idea to check your property insurance policy to make certain you understand what your deductible is and how it will be applied to losses.
In the case of this recent Cape tornado, this was not a “Named Storm” so property owners with a Named Storm Deductible would just have their regular deductible applied.
Those properties with a Wind Deductible would most probably have this Wind Deductible applied.
There is no question; this deductible stuff can be confusing. That’s why we love your questions on your deductibles and how they work.
Herlihy Insurance Group is here for your questions all summer long! Rain or shine.
Herlihy Group – Here to Help!