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Hurricane Percentage Deductibles Don’t Apply to Damage From Sandy in Maryland.

Annapolis Sandy Damage

By Steve Kilar
The Baltimore Sun
5:52 p.m. EDT, October 31, 2012

Homeowners should be wary of property insurers trying to charge percentage deductibles for damage caused by Sandy, the hurricane-turned-post-tropical-cyclone, according to a bulletin released Tuesday by the Maryland Insurance Administration.

Only if the National Hurricane Center of the National Weather Service issues a hurricane warning for Maryland can property and casualty insurance carriers charge a percentage deductible — instead of the more familiar flat-rate deductible — for damage done by a hurricane or other storm, according to Maryland law.

The National Hurricane Center did not issue a hurricane warning for Maryland before Sandy hit. Therefore, most homeowners should be charged a flat rate “dollar deductible” on their property insurance claims, not a deductible that is calculated as a percentage of the total value of the policy.

Read it at The Baltimore Sun

This entry was posted on Thursday, November 1st, 2012 at 1:30 am . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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