Understanding Wind/Hail Deductible Buy Down Policies

Are you worried about the high costs of repairing wind and hail damage due to a steep deductible? We have a solution to ease your concerns and protect against significant out-of-pocket expenses. Our agency has markets available to provide quotes for a Wind Hail Deductible Buydown Policy, designed to provide you with peace of mind and enhanced financial protection.

Understanding How a Wind Hail Deductible Buydown Policy Works

What is it? A Wind Hail Deductible Buydown Policy is an additional coverage option that reduces the amount you pay out-of-pocket when making a claim for wind or hail damage.

How does it work?

1. Your Standard Deductible:

   • Your insurance policy includes a deductible specifically for wind and hail damage.

   • This deductible is often a percentage of your building’s insured value. Let’s say it’s 5%.

2. Calculating the Deductible:

   • If your building is insured for $1,000,000, a 5% deductible means that you must pay $50,000 before your insurance covers the rest ($1,000,000 x 5% = $50,000).

3. Buydown Policy:

   • You purchase a Wind Hail Deductible Buydown policy, which reduces your deductible from 5% to a fixed amount or lower percentage deductible, such as 1%.

4. Example Scenario:

   • A severe storm causes $65,000 in wind and/or hail damage to your building.

   • Without the buydown policy, for a covered claim, per the example noted in #2 above, you would pay the first $50,000 (your 5% deductible), and your insurance would cover the remaining $15,000.

   • With the buydown policy, you would only pay $10,000 ($1,000,000 x 1% = $10,000), and your insurance policies cover the remaining $55,000.

* Note: The above example is based on a per-building wind hail deductible. Refer to your policy or contact your agent for more details on how your policy’s wind hail deductible applies.

Why Purchase a Wind Hail Deductible Buydown Policy?

1. Lower Out-of-Pocket Expenses: Don’t let a high deductible prevent you from filing a claim. A Wind Hail Buydown Policy is designed to reduce your deductible, making it easier to cover repair costs after a storm.

2. Comprehensive Coverage: Ensure your organization is protected against the unpredictable nature of wind and hail damage. A buydown policy complements your existing coverage, giving you complete protection.

3. Peace of Mind: In storm-prone areas, having a lower deductible means you can focus on recovering and rebuilding, rather than worrying about the costs.

4. Customized Protection: Tailor your coverage to suit your needs. Our flexible options allow you to choose the deductible level that best fits your budget and risk tolerance.

5. Easy Claims Filing and Payment: Filing a claim on the deductible buy down policy is easy and often a quick turnaround. The claims documentation from your primary insurance carrier is emailed to them and most often, the checks are sent within just a few days.

Don’t wait for the next storm to strike! Contact us today to learn more and protect your organization with confidence.