What is a wind/hail deductible?

A wind/hail deductible is an amount of money that an insurance policyholder must pay toward a claim before the insurance company pays out. In North Carolina, the wind/hail deductible is usually a percentage of the total amount of the claim. For example, many insurance companies in North Carolina set the wind/hail deductible at 2% of the total amount of the claim, up to a maximum of $5,000. This means that the policyholder must pay 2% of the total amount of the claim, up to a maximum of $5,000, before the insurance company pays out. The purpose of the wind/hail deductible is to protect insurance companies from excessive claims caused by severe weather conditions. For instance, it is common for North Carolina to experience hurricanes every few years, and these storms can cause significant damage to homes and businesses. By having a wind/hail deductible, the insurance company can be sure that the policyholder is taking responsibility for part of the cost of replacing or repairing damaged property. When filing a claim in North Carolina, the policyholder is always responsible for paying the wind/hail deductible. The amount of the deductible does not change based on the severity of the weather event and must be paid in full before the insurance company will pay out for the claim.

Related FAQs

What is a claim form?
What are the common elements of an insurance claim?
What is a policy exclusion?
What is a retroactive date in an insurance policy?
What is the difference between a claim and a lawsuit?
What is a limitation of coverage?
What is an insurance subrogation?
What is the difference between a claim and a complaint?
What is an uninsured motorist coverage?
What is an assignment of benefits?

What is a wind/hail deductible?

Related FAQs

Related Blog Posts