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Named Storm Endorsement

Named Storm Deductible Endorsement can be added at the insurance carrier’s discretion to property coverage policies. The application of the Named Storm Deductible Endorsement is used in conjuction with wind coverage deductibles. Typically in wind prone areas insurance carriers will use a percentage amount of the insured value instead of a spedific or flat dollar amount for damage caused by wind.

Because these percentage deductibles leave the insured with a much greater portion of the first dollar coverage amount, some carriers will offer the Named Storm Deductible to cover only named storms like the recent ones in Texas, ie. Hurricane Ike. This then means that wind damage from wind that was not named is then at the specific dollar amount deductible which is normally much better and in the insured’s favor.

Having the Named Storm Deductible Endorsement is becoming more of challenge to have as the projected losses from wind have become greater. Therefore, if an insured already has this endorsement it is in their favor to keep it, even when other insurance quotes may be considerably less. The best way to determine the degree of value of the Named Storm Deductible Endorsement is to calculate your specific values with both proposed deductibles and then decide which is more beneficial.

Keep in mind that this endorsement is being offered less and less so take this into consideration in your final decision.

How does wind coverage affect my insurance premium?

Depending on which part of the country you live in wind coverage can vary greatly on rates. This of course is due to the regions loss history as a result of wind damage.

Areas along the Gulf Coast tend to historically have much more wind and hurricane claims than anywhere else in the nation. This therefore leads to higher deductibles on wind damage claims. What used to be a flat dollar amount for wind damage is now typically a percentage of the insured value.

Although deductibles were once negotiable depending on what the customers needs were this is fast becoming a by gone. Presently in 2012 due to the RMS 11 report, often having carriers quote wind coverage is becoming increasingly more difficult. Therefore the carriers are taking more of a “take it or leave it” attitude.

Factors that will play into getting property wind quotes are; the age of the building, construction type, specific location, and loss history experiences. Once the insurance carrier has considered these factors then they will determine if they will offer a quote and if so at what deductible.

Deductibles for those in wind prone areas such as Houston, New Orleans, Miami and other coastal states normally will see wind deductibles from 1% to 5% of the property insured value. Of course the percentage can be much higher depending on the insurance company.

Without a doubt covering wind and hurricane damage is becoming more and more of a challenging. Therefore, property insurance should be considered when making real estate decisions going forward as many new property owners are shell shocked when they receive their insurance quotes.

Commercial Insurance in Houston Texas

Commercial Insurance in Houston Texas offers a vast array of Insurance Brokers and Direct Writers alike in addition to a good number of Insurance Companies that are present. To begin with companies will typically need to engage a few brokers and/or direct writers and submit their information pertaining to their line of work. Once this happens and underwriting questions have been answered, either a quote will be offered or declined.

However, obtaining General Liability quotes is usually not the problem in Houston. The greater challenge lies in obtaining property quotes. With the rise of natural disasters and the severity of which they have recently occured has caused many Insurance companies to back out of writing the property portion in areas close to the coast. This has left a void in the insurance programs that once used to include the property and were readily available.

This has left a number of companies in a quandrey as to whether or not to cover their buildings should they have the freedom to decide either way. In many cases if there is a mortgage involved this is not even a question but a requirement. As a result, surplus lines are typically quoted which normally can mean higher premiums than what companies were once accustomed too.

In closing, commercial insurance in Houston, Texas although readily available through a number or resources can be tricky due to property risks that require coverage. As usual it is good to make sure that you have multiple quotes and have shopped the available insurance companies.

How Do I Find A Good Insurance Company?

Finding a good insurance company is very important as during the time of a loss finding out your insurance company is poor would be extremly frustrating. Typically during the event of a loss home owners or business owners want to know that their insurance company is there for them and will indemnify them quickly.

Some ways to find a good insurnace company is talking to other home or business owners and find out which carriers they are using and their experience with them if they have had a loss. Here in Houston after Hurricane Ike there were many stories from those who suffered loss concerning their home insurance companies. Stories ranged from extremely satisfied customers to absolutely irate policy owners due to either service and/or payment.

As far as the financial condition of an insurance company, this can be reviewed at A.M. Best and other similar websites. Of course you want to make sure the carrier is A rated with a positive and/or stable outlook.

One note on the side is to not let the name recogntion of an insurance company affect your decision one way or another. Just because one insurance company advertises more than another doesn’t impact either way of it being a good insurance company or bad.

With these few tips finding a good insurance company that will be there for you in the unfortuante event of a loss will help you later on down the road.

Hope this helps and be prepared!

How do I Insure My House for Hurricanes?

Insuring a private residence during hurricane season only requires attention to your existing home owners policy. You want to make sure that your building and content limits are correct and understand your deductibles as some policies will have a seperate wind/hail deductible. The deductible can range from a flat $500 upto 5% of the total insured building value.

Another coverage that can be beneficial should you be affected by a hurricane are the limits to stay in a hotel if the home becomes uninhabital. This is something that should be covered with your insurance agent.

Of course flood is rarely covered under any home owner’s policy and therefore should be purchased seperately, usually through FEMA via your insurance agent. It is extremely important to have this in place before a disaster strikes as there usually is a 30 day waiting period before the policy takes effect.

These are only a few hurricane considerations in regards to having insurance during hurricane season and it is always best to call your home insurance company to discuss further options and details.

Thanks for the question.