Effective October 1, 2023, Rooney Insurance will be located at 5100 E Skelly Dr, Suite 1010 in Tulsa, Oklahoma
Effective October 1, 2023, Rooney Insurance will be located at 5100 E Skelly Dr, Suite 1010 in Tulsa, Oklahoma
Whether shopping for new Property Insurance coverage or renewing an existing policy, you may be curious about your Wind and Hail Deductible and why it’s so much higher than the deductible for other perils insured against.
With weather-related losses, location, and risk are tied together. Just as the threat of Named Storms and flood makes insurance premiums typically higher in coastal states, so also the increased risk of wind and hail events leads to more claims, higher premiums and deductibles.
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While the information on the average deductible amounts in each state isn’t readily available, they’re more likely to be higher in Tornado Alley — states like Texas, Oklahoma, Kansas, and Nebraska. This tracks with actual weather incidents: MoneyGeek states that Texas has the most hailstorms, followed by Nebraska. However, Colorado outpaces Texas regarding actual hail damage losses per capita with around 234 hail events per year on average. You can explore hail risks in your area with FEMA’s National Risk Index.
In some parts of the country, wind coverage is standard on all policies. However, in other areas like the counties along the Gulf Coast of Texas where Named Windstorms are common, home owners must buy wind coverage from a special pool called the Texas Windstorm Insurance Association. In Florida, high risk areas not eligible for wind damage coverage through the regular insurance marketplace may be covered by the Citizens Property Insurance Corporation.
Depending on your location and your specific home or commercial property insurance policy, your wind and hail deductible will be a flat rate or a percentage of your total coverage amount. Insurers provide higher deductible options for wind and hail claims to help keep premiums affordable. Flat rate deductibles stay constant: You’ll pay the same amount for each separate loss throughout the policy period. Percentage deductibles are calculated based on your coverage — usually between 1% and 5% of your policy amount. If you have a 3% wind/hail deductible, for example, and your home is insured for $300,000, you’ll pay $9,000 of the wind or hail claim and the insurance carrier will pay the remainder.
Rooney Insurance Agency, established in Tulsa, Oklahoma in 1960, has provided customized business and personal insurance and employee benefits solutions to individuals and businesses in the state of Oklahoma and throughout the United States. We work to ensure that each client’s insurance coverage fits their specific needs, addresses their key risks, and protects their valuable assets. For more information on how we can help you today, contact us at (918) 582-0565.
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