Homeowners Face Rising Deductibles as Insurance Shifts More Costs

When disaster strikes you expect that your homeowners insurance will pay the cost of repairing all the damage But many homeowners are now finding that they're responsible out of pocket for much more than they expected And that's why it's so important to know what your policy really covers The aftermath of brutal summer storms leaves homeowners in shock Devastation, but there's nothing shocking about Tim Ray's first phone call an insurance company, of course But a storm victims file claims and reach out to their insurance providers. Many are getting an expensive surprise nowadays Even when damage is covered their deductibles are higher than they thought Typically, you know you you'd have a $500 deductible or a thousand dollar deductible after a tree damaged Carl Roberts roof He learned he'd have to cover the first $4,000 and my my spouse and I were a little shocked when we found that out Robert says he didn't realize his policy had changed What did they tell you your deductible was going to be 1% of the value of our house? Let's say for a medium half median house price of let's say 400,000 And that would mean that you'd have a $4,000 deductible extreme weather is driving insurance costs up But George Hoss field with Lexus Nexus risk solutions says that's only part of the story. I think the inflation And the underlying repair cost to repair a home that's hitting consumers now Some homeowners choose higher deductibles to lower their monthly premiums But that can leave them paying Thousands before insurance kicks in Hossfield says it's important to review your coverage regularly if you've done some major Renovations or additions to your home or you name it and know exactly what your deductible is in the end Roberts found a contractor to fix his roof and gutter for under $2,000, but he had to pay for it himself That's a huge impact. So check your policy before the next storm. So you don't waste your money. John Mattery scripts news group