Hurricane Deductible Calculator
A hurricane deductible calculator turns a Florida hurricane deductible into dollars by multiplying the deductible percentage by the dwelling coverage limit. Enter the dwelling limit, the deductible option, and the amount of covered hurricane damage in the calculator above, plus any part of the deductible an earlier hurricane already used this year and your policy's all-other-perils deductible (it starts at $1,000, the figure in the Florida CFO example). It returns the deductible, what you pay, what the insurer pays, and the balance left for any later hurricane this calendar year.
For example, take a $300,000 dwelling limit. A 2% hurricane deductible on that limit comes to $6,000. At 5% the same limit carries a $15,000 deductible, and the 10% option raises it to $30,000. Say a hurricane causes $40,000 of covered damage and the policy carries the 5% option. You pay the $15,000 deductible and the insurer pays the remaining $25,000. Under the 10% option, $9,000 of damage falls short of the $30,000 deductible, so you pay all of it and the insurer pays nothing.
How it works
The calculator multiplies the hurricane deductible percentage by the dwelling coverage limit to get the deductible in dollars. Under the rules published by Florida's Chief Financial Officer (CFO), insurers must offer hurricane deductible options of $500, 2%, 5%, or 10% of the dwelling limit, with exceptions for higher-value homes. The declarations page must list the hurricane deductible as a dollar amount even when it is a percentage, so you can enter that figure as a flat amount or let the calculator work it out from the limit.
Using the $300,000 dwelling limit from the example above, the 2% option produces a $6,000 deductible. The 5% option produces $15,000. The 10% option produces $30,000. The insurer's share is the covered damage minus the deductible that applies, and it never drops below zero. On $40,000 of damage with the 5% deductible, the insurer pays $25,000. On $9,000 of damage against the 10% deductible of $30,000, the insurer pays nothing, and the calculator shows a note that you pay the whole amount.
The hurricane deductible applies from the time the National Hurricane Center issues a hurricane watch or warning for any part of Florida until 72 hours after the last watch or warning ends. The storm must be a hurricane declared by the National Hurricane Center. While the hurricane deductible applies to a claim, no other deductible under the policy can be applied, so the calculator uses one deductible per claim.
The hurricane deductible runs on an annual basis across all covered hurricane losses in the calendar year, for policies from the same insurer or insurer group. If an earlier hurricane used only part of it, the next claim's deductible is the greater of the balance left or the all-other-perils deductible. The CFO's example uses a $200,000 policy with a 2% hurricane deductible, which is $4,000. Its all-other-perils deductible is $1,000. The first hurricane causes $2,000 of damage, so the policyholder pays all of it and $2,000 of the hurricane deductible remains. The second hurricane causes $5,000 of damage, and the $2,000 balance is greater than the $1,000 deductible. The insurer pays $3,000, and any later hurricane claim that year carries the $1,000 deductible.
This hurricane deductible calculator follows Florida's rules for personal residential policies, and other states' wind and hurricane deductibles work differently and are not modeled. It does not model deductibles applied per structure, exclusions, or coinsurance. Its result is an estimate, and the insurer's adjuster decides how a claim is applied. Under section 627.70132, Florida Statutes, a claim is barred unless the insurer gets notice within 1 year after the date of loss, and a supplemental claim has 18 months. The CFO also publishes resources for hurricane Isaias. For a hurricane, the date of loss is the date of landfall, so write that date down when you start a claim.
Frequently asked questions
How much is my hurricane deductible?
Multiply the hurricane deductible percentage by the dwelling coverage limit, using the options listed on the Florida CFO's hurricane deductible page. On a $300,000 dwelling limit, a 2% deductible is $6,000. The 5% option on that limit is $15,000. The 10% option is $30,000.
What is a hurricane deductible?
A hurricane deductible is the part of a covered hurricane loss you pay before the insurer pays the rest. In Florida, most policies set it at 2 to 5 percent of insured value, and some use a set amount such as $2,000. When it applies to a claim, no other deductible on the policy applies.
When does the hurricane deductible apply?
It applies from the time the National Hurricane Center issues a hurricane watch or warning for any part of Florida until 72 hours after the last watch or warning ends. The storm must be a hurricane declared by the National Hurricane Center.
Does the hurricane deductible apply every time there is a hurricane?
It applies once a year across all covered hurricane losses. It applies on an annual basis to all covered hurricane losses in the calendar year with the same insurer or insurer group. If an earlier hurricane used only part of it, the next claim's deductible is the greater of the balance left or the all-other-perils deductible. Once the full hurricane deductible is used, later hurricane claims that year carry the all-other-perils deductible.
What hurricane deductible options does a Florida insurer have to offer?
Under section 627.701, Florida Statutes, the standard options are $500, 2%, 5%, or 10% of the dwelling limit. Homes insured for $250,000 or more need not be offered the $500 option, and homes above $3 million need only be offered the higher two percentages. A home insured for less than $500,000 cannot carry a hurricane deductible above 10% unless the policyholder personally writes and signs a statement.
Can I have a hurricane deductible and my regular deductible at the same time?
No. When a hurricane deductible is applied to a claim, Florida does not allow any other deductible under the policy to apply to that claim. The all-other-perils deductible can still apply to a later hurricane claim in the same calendar year, once the hurricane deductible is used up or its balance falls below that deductible.
How long do I have to file a hurricane claim in Florida?
Under section 627.70132, Florida Statutes, a claim is barred unless you give the insurer notice within 1 year after the date of loss. A supplemental claim has 18 months after the date of loss. For a hurricane, the date of loss is the date of landfall, so both deadlines count from that day.
Where do I find my hurricane deductible on my policy?
It is on the policy's declarations page. Florida requires the hurricane deductible to be listed there as a dollar amount even when it is a percentage, as the Florida CFO's hurricane deductible page explains. Enter that dollar figure as a flat amount in the calculator above, or enter the percentage and the dwelling limit.
Sources
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