Texas Church Insurance Premiums and Deductibles
Faith, Stewardship, & Insurance: Protecting Texas Churches
Host Ron Wadley of Insurance for Texans explains the tension Texas church finance committees face between rising premiums and deductible exposure. He uses the story of a church in Temple, TX to illustrate this issue. He clarifies that premiums represent what insurers charge to assume part of a church’s financial risk, and that skyrocketing Texas catastrophe and liability losses have driven prices up. Wadley warns that chasing low premiums often shifts risk back to churches through higher percentage wind/hail deductibles and reduced coverage, such as moving from replacement cost to actual cash value, which can severely reduce claim payouts. He urges churches to evaluate the total cost of risk against reserves and ministry budgets.
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00:00 Show Introduction
00:26 Premiums Versus Deductibles
00:42 Temple Committee Story
01:39 Premiums Are Risk Transfer
02:08 Deductible Shrinkflation
02:56 Percentage Deductible Math
03:27 Hidden Coverage Pitfalls
03:58 Total Cost Of Risk
04:44 Get Expert Help
05:24 Wrap Up And Reminder
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