Know your insurance deductibles this hurricane season.
Many people don’t think about their insurance until after a disaster has happened. It’s important to plan ahead and know what your deductible will be in the time of a hurricane.
The deductible is the amount of loss paid by the policyholder before insurance kicks in. Most homes along the coast of South Carolina have a special percentage deductible for named-storm or hurricane damage. The percentage deductible is higher than a traditional dollar deductible. In return for the higher deductible, homeowners receive a premium discount on the wind portion of the policy. With a policy that has a $1,000 deductible, for example, the policyholder must pay the first $1,000 out of pocket.