One of the most popular subjects to homeowners discuss with Insurance For Texans is deductibles. For many, they are worried about their wind and hail deductible, and for good reason.
Living int the D/FW Metroplex, we see a lot of wind and hail storms meaning more frequent claims for damage to homes.
With three deductibles available on Texas home insurance policies, the All Other Perils deductible gives you the best control over the your policy.
What Does All Other Perils Mean?
So, we mentioned three deductibles on Texas homeowners insurance policies.
The Wind and Hail deductible gets paid by homeowners quite often with the storm activity.
A second deductible is for Hurricane and Named Storm. Those living on the Gulf Coast find this very familiar.
The third is often an overlooked deductible known as All Other Perils. All claims not covered by the first two would have this deductible applied.
Your Grapevine home insurance policy is impacted by this deductible, which happens to be the most customizable.
This deductible can be set rather low at $500 or $1,000 (though it often reaches the percentage value of the dwelling amount like the other deductibles) for a couple of reasons. It's less frequent that this deductible would be paid as a result of a claim, so it carries less risk of fraud and scrutiny that a hail claim would command.
Water claims run second to wind and hail claims in Texas. If your ice maker supply line gives out or your hot water heater explodes, or if you dishwasher decides to wash your dishes and your floor, the damage-related expense to mediate could reach tens of thousands of dollars.
A lower deductible you decided on can mean you get this situation remedied for less out of your own pocket.
What's the catch? If you've been reading this blog for awhile now, you know nothing is usually straight forward - well, maybe except our advice. We aim to keep it real here.
The skinny on the subject, if you lower the All Other Perils deductible, expect your premium to increase. This puts the decision on you to determine the pros and cons of how much you want to pay higher or lower on your deductible come claim time.
We can help you make that decision. As a local, independent insurance agency, we help with those decisions all the time and can certainly help you.