Connecticut Coastal Residents Catch Break on Hurricane Deductibles
In the wake of the devastation seen in the state of Connecticut as a result of Hurricane Irene, a number of insurance companies have agreed to waive some policyholders’ hurricane insurance deductibles. Most of the homeowners receiving the break on deductibles are coastal property owners whose homes were damaged.
Hurricane Irene Batters Much of East Coast in August
The East Coast was able to prove it was ready for Hurricane Irene by promptly evacuating thousands of people along the coast. However, a lot of structures were damaged in the process.
Virginia and North Carolina were among the areas that took the biggest hits with at least 10 people killed between the two areas and Virginia in particular experiencing the second-largest power outage in state history.
Among other states affected were Vermont, Delaware, Florida, Maine, Maryland, Massachusetts, New Jersey, New York, Pennsylvania and Rhode Island, as well as the District of Columbia.
Connecticut coastal property owners were also hit hard, which is why home insurance companies in the area have decided to step in.
Large and Small Companies Waive Deductibles
Gov. Dannel P. Malloy and Insurance Commissioner Thomas B. Leonardi announced on Tuesday that a number of insurance companies had agreed to waive higher-cost hurricane deductibles for coastal property owners.
The insurance companies named on Tuesday that agreed to waive costs include Allstate, Bunker Hill, Connecticut FAIR Plan, Farm Family, Farmers Insurance, Fidelity National, Privilege Underwriters Reciprocal Exchange, Quincy Mutual Fire Insurance Co. and Universal North America.
This group joins more than a dozen other companies that announced they would waive deductibles last Friday.
Malloy praised the companies for giving the homeowners a chance to save on deductibles. With much work ahead of them in getting their lives back on track, this is undoubtedly the financial break they needed.