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One strategy that coastal insurers have adopted to limit their exposure is the use of wind and hail; named storm; and hurricane deductibles. At least 19 states and the District of Columbia have hurricane deductibles. Insurers use percentage deductibles that are based on a home value - so if a home is insured for $200,000 and has a five percent deductible, the first $10,000 must be paid out of pocket by the policyholder. Details of these deductibles are listed on the declarations page of a policy.
About Flood Insurance
Since flood damage is not covered under homeowners policies, purchasing a separate flood insurance policy can help homeowners and commercial interests protect their homes and businesses. Although the LDI can answer basic questions about flood insurance, the Department does not regulate the National Flood Insurance Program (NFIP), approve its rates or changes or have any authority over the program. However, the LDI does monitor how these changes impact policyholders in the state. For more information on flood insurance, please visit the NFIP’s website or call 1-800-427-2419.