New York Governor Cuomo announced yesterday that homeowners will not have to pay hurricane deductibles on their claims.
A hurricane deductible is the amount of money a homeowner is responsible to pay for out-of-pocket before their insurance policy will kick in for hurricane related damage. Moreover, while traditional deductibles are generally flat dollar amounts for fire and theft (i.e. $5,000), with a hurricane deductible its often a percentage of the storm damage, which can be quite high (1% to 15%).
To read the Governor's press release, click here.