In Colorado, homeowners face frequent and sometimes severe weather events like hail storms and high winds. As if navigating hail damage claims in Colorado were not complicated enough, these deductibles throw yet another wrench into how your claim is settled. To manage risk, insurance companies often include specific wind and hail deductibles in some homeowner’s insurance policies, which are often higher due to the increased likelihood of these types of weather-related claims in Colorado.
Wind and hail deductibles differ from standard policy deductibles, and understanding how they work is crucial for protecting your home and finances. While not every homeowners insurance policy includes a separate wind and hail deductible, if yours does, it’s imperative to know what it means for your hail damage claim payout and pocketbook.
When Does a Wind and Hail Deductible Apply?
A wind and hail deductible is a specific type of deductible in some homeowners insurance policies that applies to damage caused by windstorms and hail. This deductible is separate from the standard deductible that applies to other types of covered perils. Wind and hail deductibles are only triggered by wind and hail damage.
How Much are Wind and Hail Deductibles?
Unlike standard deductibles, wind and hail deductibles are typically a percentage of the home’s insured value. Common percentages range from 1% to 5% or even higher. For a home insured for $400,000 with a 2% wind and hail deductible, the homeowner would need to pay $8,000 out-of-pocket before insurance coverage would kick in. It’s financially prudent for Coloradans to prepare for the potential financial impact of wind and hail deductibles by setting aside funds to cover the higher out-of-pocket costs in the event of a claim.
We also suggest engaging an attorney early if you suspect hail damage, as some insurers may try to deny or underpay your claim.
To protect yourself from this type of fraudulent behavior, arm yourself with legal representation from the outset. If you plan to file an insurance claim for hail damage to your Colorado home, call us first at Kandell, Kandell & Petrie Law Firm. We have more than 50 years of combined legal expertise in insurance law and specialize in property insurance disputes in Colorado, Florida and Louisiana.
We are here to ensure you receive the relief you deserve for your hail damage insurance claim. Reach out to one of our Denver claims advisors to discuss your questions and concerns.
