Posts from January 2011

Be Careful with Growing Snowbanks.

Here it is Monday morning and we are waking to news of yet another snowstorm this week. We are running out of space to put the snow in our parking lots.

I just wanted to remind everyone to use extreme caution when entering and exiting parking lots and streets. The snowbanks are getting harder and harder to see around. Plus if you are pulling out of a street and cause an accident you will be found at fault and your auto insurance premium will go up. (I, personally would choose to appeal a surcharge in this case). 

47 days, 20 hours, and 42 minutes until spring. Hang in there.

Steve Murphy

Hurricane vs Wind Deductibles.

Wind or hurricane deductibles are nothing new, but they are being used now more than ever. So what is the difference between the two? Glad you asked. A wind deductible is a separate deductible on your home/condo or possibly business owners policy that is applied when you suffer a loss that is caused by wind. This is usually shown as a percentage (1-5% or even 10%) on your declaration page of your insurance policy. A hurricane deductible is applied only when you suffer a loss caused by a named storm or in this case a hurricane and is also shown as a percentage.

The best way to explain this is with an example. Let’s say your home insured for $300,000 and you have a $500 deductible and a 2% wind deductible. If you have a loss caused by wind damage your homeowner’s insurance policy would not pay any damages until the amount surpasses your wind deductible. In this case it would be $6,000 (2% x $300,000). Most people are not aware of this and need to make sure they have a reserve fund to pay this potentially high deductible. 

Now let’s say your home is insured for $300,000 and you have a $500 deductible and a 2% hurricane deductible. In the example I used previously, if your home was damaged by wind from a storm other than a hurricane then your deductible would be only $500.

The moral of this story is to always check your policy and talk to your agent. It also pays to shop around. Not all insurance companies include a wind or hurricane deductible on their policy. For homes located in Massachusetts we do have insurance companies who will write a policy for you with no wind or hurricane deductible, even if you live right next to the ocean.

Feel free to email me at steve@hannon-ryan.com, or call our office at 781-293-5500 (Pembroke Office) 508-746-0030 (Plymouth Office) 508-428-6919 (Cape office) or if you prefer you can fill out a home insurance quote form here.

Helpful Hints in the Event of a Loss

Snow storms, hurricanes, floods, fallen trees, you name it — unexpected events can strike at any time.  Here are a few resources we’ve put together to help you with some timely information and tips, should you experience a loss.   Click any of the following three links to download and view the respective PDF format document:

Helpful Hints and Tips In the Event of a Loss

Insurance Claim Phone Numbers and Web Addresses

Restoration / Repair Companies

Welcome to our New Blog!

Welcome to our new blog!   We’ve started this blog as a way to stream timely updates, advice and information to Hannon-Ryan and Goodspeed Insurance customers.  Please keep an eye on this space, and consult the blog especially during regional weather events.