Posted: 8/27/2025 12:43:03 PM EDT
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So I've done some Google searching but can't seem to find the answer to his. Colorado has both high home values in most areas and a propensity for destructive Hail events. In 2018 our house received ~$35k of damage from a bad hail storm. In any case, our new policy has a 2% deductible for wind and hail. Do they really expect homeowners to come up with $12,000+ for a deductible if their home receives major hail damage, or am I missing something? The company we have (Liberty Mutual) will not allow a deductible lower than 2%. |
Atypical Millennial
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They are pushing all of us to self-insure. Our neighbors said their insurance is now $6k/year. I have to check ours, but it was about $1400/year a few years back. Too expensive to live here anymore. Property taxes going up double digits, high insurance, etc. |
Ludwig Boltzmann, who spent much of his life studying statistical mechanics, died in 1906, by his own hand, Paul Bhranfest, carrying on the work, died similarly in 1933, Now it is our turn to study statistical mechanics...
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Pretty sure it's 2% of the claim, not of the value of the whole property. So your $35k example would be a deductible of $700. I had roof replaced for hail damage in 2023 and have either 1% or 2% deductible (forget which) with State Farm. I paid something like $500 out of pocket. |
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Originally Posted By cmeyer001: My house got wiped out by hail. Insured by Liberty Mutual. Something like 35k in damage, they sent me a check for 256 dollars. I am ready for the second Emu war. Did they violate the contract? If so, then go scorched Earth on them. |
"Positive rights" are neither.
Busy leaving people the F alone.
Busy leaving people the F alone.
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Originally Posted By mjzman: Pretty sure it's 2% of the claim, not of the value of the whole property. So your $35k example would be a deductible of $700. I had roof replaced for hail damage in 2023 and have either 1% or 2% deductible (forget which) with State Farm. I paid something like $500 out of pocket. Hmm, I'm really not sure about that. Maybe I need to call back? |
Atypical Millennial
| There are companies that will cover that portion of a claim for a fee. I am an independent agent and they are coming to the market to fix this issue for customers. The good news is that they don't report to insurance bureaus so if you have a claim that is under the deductible amount, you won't have a claims history that further drives up rates. It is more cost, but it seems to be pretty reasonable for what it is if you have concerns about affording the 2% in a claim scenario |
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Pretty common. When I lived in Evergreen I had a 6 figure deductible for fire, smoke, and hail. That's right. SIX figure deducible. LOL Originally Posted By djkest: Originally Posted By mjzman: Pretty sure it's 2% of the claim, not of the value of the whole property. So your $35k example would be a deductible of $700. I had roof replaced for hail damage in 2023 and have either 1% or 2% deductible (forget which) with State Farm. I paid something like $500 out of pocket. Hmm, I'm really not sure about that. Maybe I need to call back? It's of the total insured value. |
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If it's such a scam, put together a business plan, secure the financing, and start your own property and casualty company. Show Travelers how it's done. Insurance companies don't control the real estate markets, nor the weather. They just do the math. Y'all can get as mad as a wet hen if you want, but this is the reality. If you want DISASTER coverage that prevents a lifelong financial hardship, the insurance is STILL a good deal. If you can't scrounge up 2% of your homes value, then you should re-evaluate your finances. No snark, just reality. Everyone loves to see their 20 year old home skyrocket in value, but that comes with real world costs. Could be worse. Your home could be deflating in value and you owe more than it's worth........ |
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Originally Posted By Paul_Allen: Any recommendations for a good home insurance company? I'm with Travelers right now and want to shop around. Premium is now at 8k a year currently. Travelers is pretty good. Do you want a good company or a cheaper premium? Good companies, in no particular order: Travelers Acuity AIG Cincinnati Nationwide Erie The worst: Farmers USAA Allstate Liberty Mutual American Family |
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Originally Posted By djkest: So I've done some Google searching but can't seem to find the answer to his. Colorado has both high home values in most areas and a propensity for destructive Hail events. In 2018 our house received ~$35k of damage from a bad hail storm. In any case, our new policy has a 2% deductible for wind and hail. Do they really expect homeowners to come up with $12,000+ for a deductible if their home receives major hail damage, or am I missing something? The company we have (Liberty Mutual) will not allow a deductible lower than 2%. Yes absolutely they do I work for (kinda) a large carrier |
I wouldn't stand in front of a piss-filled supersoaker. Does that make it a good pistol? - Caboose314
I thought I was covered for 22 cans, but the NFAids is a bitch when it mutates - themagikbullet
I thought I was covered for 22 cans, but the NFAids is a bitch when it mutates - themagikbullet
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Originally Posted By mjzman: Pretty sure it's 2% of the claim, not of the value of the whole property. So your $35k example would be a deductible of $700. I had roof replaced for hail damage in 2023 and have either 1% or 2% deductible (forget which) with State Farm. I paid something like $500 out of pocket. Incorrect $2% of the insured value |
I wouldn't stand in front of a piss-filled supersoaker. Does that make it a good pistol? - Caboose314
I thought I was covered for 22 cans, but the NFAids is a bitch when it mutates - themagikbullet
I thought I was covered for 22 cans, but the NFAids is a bitch when it mutates - themagikbullet