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Why does my homeowner insurance have two deductibles?



  Money bundles representing two deductions for Bellefontaine Ohio homeowners insurance - Alan Galvez Insurance

*** Updated 2/1

8/20 ***

Have you got your Ohio home insurance policy [19659006] policy extension and noticed that you suddenly have two deductibles?





Or did you have a claim and discovered when did you have two self-benefits?

Yep homeowners insurance. To paraphrase Bob Dylan, "……. it's changing."

Why do two deductibles now become necessary?

Two words – Mother Nature. She has been on the road for the last few years and the industry has been banged up on the head with wind and other weather-related claims. As an example, the estimated cost of claims in Ohio as of June 29 is "derecho" and a minor, yet violent storm two days later, $ 845 million, making it the state's third costly disaster in recent history (

https://www.ohioinsurance.org/one-year-anniversary-of-ohio-derecho-is-june-29/vud19659014achte).ebrit19659015uutMany Ohio homeowners insurance now includes two separate deductible

A big change is the introduction of separate deductible "per danger". Dangers are the cause of a claim. For example, several of our Ohio owners insurance companies have introduced a "Wind / Hail" deduction, as well as an "All Other Perils" deduction.



Here is the difference between the two deductibles



A deductible is only for claims on wind and hail .

The second deduction is all for "All Other Dangers." Examples include fire, lightning, vandalism, theft and the importance of ice, snow and snow (among many other possibilities).

With our companies we see a typical wind / hail deduction for $ 1,500. Deductible "All other hazards" are often lower, for example $ 1,000. So a fire claim would be equivalent to a deductible $ 1,000. A tornado – $ 1,500.

How these two deduction gods work in real life

If you have a receivable other than wind and hail, you pay the deduction "All other dangers". For a claim on wind or hail you will pay the deductible.

Ohio insurance companies in Ohio may also offer you a "repurchase" for wind / hail deductions. For example, you pay extra premium and get it reduced to $ 1,000. And maybe even $ 500. Depends on the company.

A note: We have also seen the deductible amount of wind / hail determined by the amount of coverage in your house. An example – if the home amount is less than $ 400,000, it is $ 1,500 minimum deductible. If it's over $ 400,000, it's $ 2,500. So this might be the situation in your case.


Here's what you need to remove from this


If you notice that your premium has decreased or even remains the same, it is probably due to a change I just described. Ohio homeowners' insurance premiums do NOT generally decrease. So it's a red flag.

Do you know what deduction you have (or NOT have) on your Ohio homeowner's insurance? Let's review your policy and tell us. We even have alternatives with only ONE deductible – make it simple and easy. Call o r fill in our quote request TODAY to see how we can help you!


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