Hurricane Insurance Decision for 2006

[flashflood]

My policy renewal begins on June 1st. (1st day of the season oddly enough) The insurance company is giving me 4 deductible options to select from.

$500 Deductible - $1,286
2% Deductible - 900
5% Deductible - 762
10% Deductible - 384

Currently I have the 2% at $900, but I am very tempted to spend the extra $386 and take the $500 deductible this year. The 2% deductible is about $3,000.

I had no roof damage during Katrina or Wilma. I'm one of two houses on my block without a blue roof, and I have no Hurricane claim experience. I know others out there made claims and all, and I was wondering what you would do in this case.

I believe the current La Nina to neutral conditions this year make the odds of getting a Hurricane better, but still, I could use the extra money on other things. Also, my premium increased about $300 this year.

[Lindaloo]

Mine increased 600.00.

[rainbow24]

be careful when selecting your insurance deductibles. the mortgage industries minimum standard is 2% for hurricane/windstorm coverage in Florida. Any time you are going to refinance, or even when it comes up for renewal and you are escrowed, if the bank reviews the policy they will make you decrease the deductible if you are higher. I've been in the industry for 11 years now.

[windycity]

ours is going up 1,500,bummer.

[brunota2003]

$1,500? OMG...man ours is...well...doesnt matter cause I dont pay it... maybe $300...not sure...

[Aquawind]

OUCH windycity!! Dang the luck..

Mine only went up about 25% by comparison. Just glad they didn't dump me being I am in a flood zone here along the Imperial River.

Good Point rainbow24..

Paul

[greeng13]

i know here for HURRICANE insurance it is 2& no matter what.

as for the regular homeowner's policy...that is up for debate

[Janice]

I just paid for the year and it was a hair under $700 for hurricane, wind and water, thelft, etc. Of course we have concrete homes and very little fires anywhere and it would take an act of God to damage it much and we are uphill, 3 blocks from the ocean, so I think we are getting a good deal. Those in areas that have been hit hard with wood houses, I am sure their insurance is 2-3 times higher.

[yzerfan]

Got a letter from our agent a few weeks back saying that we were now elgible for flood insurance even though we're not technically in a flood or surge zone. Right now I'm leaning towards not getting it since we're in a very well draining subdivision (we've had no problems when we got 30" of rain in a weekend) that's up an escarpment so our yard is a good 50' above MSL.