Navigating 2024 changes in the insurance industry: Rising deductibles and non-paid claims
Let’s hope we won’t experience any more freezes this winter. If the January freeze left you with repairs, we’re happy to open our rolodex for you. Carol had a frosty wake-up call: she forgot to drip her faucets before leaving town during a freeze.
Remember to keep those faucets dripping in cold weather. All of them! Carol’s pipes froze, leaving her without water for four days. Luckily, no breaks occurred. She and Sandy stayed with Katie and the baby for 4 nights.
Which leads us to insurance. Dochen Realty Group watches the insurance industry closely. It’s come to our attention that some coverage providers are now logging your calls with questions as non-paid claims. That’s right. You might get dinged for calling the expert.
Our recommendation: Call us first. We’ve seen it all and can offer you our expert advice.
One more thing: The insurance industry is starting to raise deductibles from 1 to 2%. A deductible is determined by a percentage of the current coverage value of your dwelling when a loss occurs. For instance, if your home is insured for $400,000, a deductible of 1% is $4,000. But at 2%, the deductible grows to $8,000. That stings when you need to replace a roof or broken pipes. Again, resist calling your carrier for advice about your roof’s hail damage, etc.
Call us at Dochen Realty Group (512-345-2227) instead and we’ll help you figure out the next steps.
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