Another OT: insurance deductibles

[3407Dewey]

For any insurance experts out there. We had a pretty major hailstorm come out of nowhere Tuesday evening here south of Omaha. My family had just left the house to go to some friends' for supper, and my truck was not parked in the garage. By the time the sirens started going off, the hail was already falling and there was no time to move the vehicles. Bottom line: our house and both vehicles took some major hail damage.
I'm insured with Nationwide. I have a $2500 deductible for hail/wind on my homeowner's policy, and $500 deductible on my vehicle policy. My question is whether I have to pay all deductibles ($3500) or does the homeowner's deductible cover the others? Our Kia Sedona is probably totaled out. My Tundra fared a little better with most damage to the top of the cab. Hoping I can get that repaired.

 

[patdog]

I think you’ll pay all 3 deductibles. Home insurance won’t cover your vehicles.

 

[TaleofTwoDogs]

Patdog gives good advice.

 

[3407Dewey]

I think you’ll pay all 3 deductibles. Home insurance won’t cover your vehicles.

Not what I wanted to hear but thanks for the info.

 

[Dawgbite]

Tornado last year. Homeowners won’t cover anything that has its own insurance policy even if you only have liability. 16x16 garage door in my shop blew in and through my shop. Hit Jeep, Harley, Ranger, lawnmower, and tractor. Homeowners wouldn’t cover the Jeep nor the Harley.

 

[Hugh's Burner Phone]

Just claim you're a storm chaser. Hail dents are a badge of honor.

 

[thatsbaseball]

I'm with Nationwide also. You may not owe any deductibles because those S.O.B.'s may not pay your claims.

 

[dawgman.sixpack]

For any insurance experts out there. We had a pretty major hailstorm come out of nowhere Tuesday evening here south of Omaha. My family had just left the house to go to some friends' for supper, and my truck was not parked in the garage. By the time the sirens started going off, the hail was already falling and there was no time to move the vehicles. Bottom line: our house and both vehicles took some major hail damage.
I'm insured with Nationwide. I have a $2500 deductible for hail/wind on my homeowner's policy, and $500 deductible on my vehicle policy. My question is whether I have to pay all deductibles ($3500) or does the homeowner's deductible cover the others? Our Kia Sedona is probably totaled out. My Tundra fared a little better with most damage to the top of the cab. Hoping I can get that repaired.

You will have 3 deductibles applied. The deductible is not "paid" but rather deducted from the gross settlement on each property.

 

[Pink Floyd.sixpack]

For any insurance experts out there. We had a pretty major hailstorm come out of nowhere Tuesday evening here south of Omaha. My family had just left the house to go to some friends' for supper, and my truck was not parked in the garage. By the time the sirens started going off, the hail was already falling and there was no time to move the vehicles. Bottom line: our house and both vehicles took some major hail damage.
I'm insured with Nationwide. I have a $2500 deductible for hail/wind on my homeowner's policy, and $500 deductible on my vehicle policy. My question is whether I have to pay all deductibles ($3500) or does the homeowner's deductible cover the others? Our Kia Sedona is probably totaled out. My Tundra fared a little better with most damage to the top of the cab. Hoping I can get that repaired.

Check the roof of your home as well. And have a professional that isn’t a roofer check it. If you replace for 2500 be thankful. Costs are sky high right now and over the next few years roof coverage will be difficult to get replacement cost on and low/non percentage deductibles are about to be a thing of the past.

 

[3407Dewey]

Check the roof of your home as well. And have a professional that isn’t a roofer check it. If you replace for 2500 be thankful. Costs are sky high right now and over the next few years roof coverage will be difficult to get replacement cost on and low/non percentage deductibles are about to be a thing of the past.

I did have a general contractor check it. He said the roof needs to be replaced along with gutters and some siding. I was not too happy about the $2500 deductible (it was $1500 up until last year) but maybe I should be thankful.

 

[NTDawg]

I shopped my insurance recently and was surprised that most carriers have gone to 1% or 2% deductible of the policy cover for the deductible on wind/hail coverage. If you have $400,000 of coverage then your deductible is either $4,000 or $8,000 rather with A $1,000 deductible on over types of damage.

 

[GloryDawg]

You will have three deductibles to pay but the auto will not be collision. It will your comprehensive coverage. It has a separate deductible. So, your deductible might be less if your agent is worth his salt.

 

[GloryDawg]

Tornado last year. Homeowners won’t cover anything that has its own insurance policy even if you only have liability. 16x16 garage door in my shop blew in and through my shop. Hit Jeep, Harley, Ranger, lawnmower, and tractor. Homeowners wouldn’t cover the Jeep nor the Harley.

Your homeowners would cover any property inside the vehicle that was damaged. I let my P&C license go about 20 years ago. I am still having license for life accident and health in 12 states for my job but some rules might have changed in 20 years. This is how I remember the rule. Imagine picking up your car and shaking the hell out of it. What falls out is covered under homeowners. You should also have a serious prayer meeting with you agent for not recommending to you what coverage you needed for everything.

 

[RocketDawg]

Check the roof of your home as well. And have a professional that isn’t a roofer check it. If you replace for 2500 be thankful. Costs are sky high right now and over the next few years roof coverage will be difficult to get replacement cost on and low/non percentage deductibles are about to be a thing of the past.

I had my roof replaced last fall. Cost was around $17,500 covered by State Farm. Had a lot of other damage from falling trees. Total around $60K. Deductible wasn't a number but rather a percentage of either house value of damage estimate.

 

[RocketDawg]

You will have three deductibles to pay but the auto will not be collision. It will your comprehensive coverage. It has a separate deductible. So, your deductible might be less if your agent is worth his salt.

Agents don't really do much of anything other than sell you the policy. It's up to the adjuster.

 

[GloryDawg]

Agents don't really do much of anything other than sell you the policy. It's up to the adjuster.

I am not going to argue with you but part of the selling process is recommending the proper coverage and deductibles. The adjuster is limited to what is in the policy the agent sold. Agents don't always do a good job during the selling process.

 

[Pink Floyd.sixpack]

I did have a general contractor check it. He said the roof needs to be replaced along with gutters and some siding. I was not too happy about the $2500 deductible (it was $1500 up until last year) but maybe I should be thankful.

The industry is moving toward percentage deductibles, and in other cases high dollar (10,000 wind hail). The days of the 500 and 1000 deductibles are about to become scarce. I’ve heard of carriers even doing away with the 2500 deductible option. I personably still have a 1000 but expect it to be increased at my next renewal.

 

[leeinator]

For any insurance experts out there. We had a pretty major hailstorm come out of nowhere Tuesday evening here south of Omaha. My family had just left the house to go to some friends' for supper, and my truck was not parked in the garage. By the time the sirens started going off, the hail was already falling and there was no time to move the vehicles. Bottom line: our house and both vehicles took some major hail damage.
I'm insured with Nationwide. I have a $2500 deductible for hail/wind on my homeowner's policy, and $500 deductible on my vehicle policy. My question is whether I have to pay all deductibles ($3500) or does the homeowner's deductible cover the others? Our Kia Sedona is probably totaled out. My Tundra fared a little better with most damage to the top of the cab. Hoping I can get that repaired.

Whatever the insurance company can put on you to pay, you know they will.

 

[GloryDawg]

The industry is moving toward percentage deductibles, and in other cases high dollar (10,000 wind hail). The days of the 500 and 1000 deductibles are about to become scarce. I’ve heard of carriers even doing away with the 2500 deductible option. I personably still have a 1000 but expect it to be increased at my next renewal.

My company allows you to buy back your deductible. it's like 100.00 a year I don't have a %. I have a flat 1000.00 deductible on my house.

 

[eckie1]

Here in DFW, we used to have a 1% or 2% home deductible. Since Covid, the lowest you can get is 1.5%. I believe that’s a percentage of the replacement cost of your house, not the appraisal.

Also, many, many, many roofers around here will allow you to take the insurance check and give it to them without you paying any deductible. Yes, you may have to write a check to the roofer for the deductible amount, but they’ll just deduct it from the huge check the insurance company gives you. You’ll give the roofer the check minus the deductible and they supplement whatever else is needed. They’ve tried to pass laws against it, but it really is hard to regulate.

 

[skipperDawg]

Agents don't really do much of anything other than sell you the policy. It's up to the adjuster.

Same as 99% of mommy realtors

 

[patdog]

Here in DFW, we used to have a 1% or 2% home deductible. Since Covid, the lowest you can get is 1.5%. I believe that’s a percentage of the replacement cost of your house, not the appraisal.

Also, many, many, many roofers around here will allow you to take the insurance check and give it to them without you paying any deductible. Yes, you may have to write a check to the roofer for the deductible amount, but they’ll just deduct it from the huge check the insurance company gives you. You’ll give the roofer the check minus the deductible and they supplement whatever else is needed. They’ve tried to pass laws against it, but it really is hard to regulate.

But do you really want the roofer who’s going to do the job for $5,000 less than the claim to be roofing your house? He’s making that money up somewhere.

 

[DesotoCountyDawg]

But do you really want the roofer who’s going to do the job for $5,000 less than the claim to be roofing your house? He’s making that money up somewhere.

In many cases the roofer is making a killing off of your claim even without that 5,000. There’s so many shady roofers.

 

[patdog]

In many cases the roofer is making a killing off of your claim even without that 5,000. There’s so many shady roofers.

No doubt. Always deal with a reputable company you’ve gotten solid recommendation for. Never deal with the door knockers wanting to indirect your toor for free.

 

[Cow College]

Agents don't really do much of anything other than sell you the policy. It's up to the adjuster.

An Agents job is done at renewal when they try to get you to not up deductibles to save $40 a year

 

[Cow College]

But do you really want the roofer who’s going to do the job for $5,000 less than the claim to be roofing your house? He’s making that money up somewhere.

I will say the program that the insurance companies us to value replacement, Marshall and Swift, has been very generous to my policyholders. Most the time the claims pay above average for materials and labor for our area.

 

[eckie1]

But do you really want the roofer who’s going to do the job for $5,000 less than the claim to be roofing your house? He’s making that money up somewhere.

It may be different in MS, but here in DFW your roof is on a depreciation schedule. Eventually, it will get to the point where your insurance won’t pay full replacement cost if it’s over a certain age. And your insurance premiums rise somewhat every year based on the roofs age, as well. Because of all the hail storms…

So, yes. Give me a free roof all day long. It makes sense here. And the “reputable” roofers cost damn near double, and I’ve never heard of them doing substantially better jobs. If your roofer is licensed and bonded, it’s no problem.

 

[goodknight]

Insurance companies are some of the most profitable companies in the US for a reason and it’s not because they gladly cover damage. They’ll fight you to the bitter end denying all the way to the bank.

 

[patdog]

It may be different in MS, but here in DFW your roof is on a depreciation schedule. Eventually, it will get to the point where your insurance won’t pay full replacement cost if it’s over a certain age. And your insurance premiums rise somewhat every year based on the roofs age, as well. Because of all the hail storms…

So, yes. Give me a free roof all day long. It makes sense here. And the “reputable” roofers cost damn near double, and I’ve never heard of them doing substantially better jobs. If your roofer is licensed and bonded, it’s no problem.

It depends on whether you bought replacement cost coverage or not. I did and got my 20-year old roof replaced for my deductible when we had a hail storm. And yeah, reputable companies really do better work (and are a lot easier to deal with).

 

[eckie1]

It depends on whether you bought replacement cost coverage or not. I did and got my 20-year old roof replaced for my deductible when we had a hail storm. And yeah, reputable companies really do better work (and are a lot easier to deal with).

Like I say, it’s different here. Roofs are a huge deal in north Texas. You can’t buy lifetime replacement coverage anywhere, as it doesn’t exist.

I used a local roofer and they did an incredible job. Didn’t cost me a dime. And I hardly even had to think about…. They did all the work.