BEWARE Allstate new "tropical cyclone" 2% deductib

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PostPosted: Wed Dec 19, 2007 8:50 pm   Post subject: BEWARE Allstate new "tropical cyclone" 2% deductib  

Any Allstate policy written in a coastal area in the past year (including the mid-atlantic region) has a 2% deductible for "tropical cyclone" damage.



2% sounds low right? On a home insured for $300K its $6,000.



I'm sure your agent did not highlight this for you- they may have even hidden it. Check your policy declarations- its right there.



What is a 'tropical cyclone'? Ask Allstate.


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Concerned Citizen
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PostPosted: Thu Dec 20, 2007 11:33 am   Post subject:   

I can't speak to Allstate, or cyclone, but I know that earth quake coverage (not included but must be purchased separately) bears a similar deductible...I'll bite, how does Allstate define cyclone?

Lori
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Lori
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PostPosted: Thu Dec 20, 2007 6:59 pm   Post subject:   

Where is this information hidden in fine print some where? How do you know this, do you have it, just curious?



Thanks for bringing this to everyones attention, it is always good to be aware and sometimes we don't know what questions to ask or find out what we have or don't have after the fact when it is toooooooooooo late.

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PostPosted: Tue Dec 25, 2007 11:29 am   Post subject:   

what are you trying to say?

Nothing is clear?

and what do you mean by tropical cyclone?

Make sure you make everything clear with your insurance agent or insurance company....

there should be no loopholes in the policy

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PostPosted: Tue Dec 25, 2007 11:47 am   Post subject:   

Good point.. tusharagg87....... and the thing is Concerned Citizen...(and I should've stated this in my org.post) Allstate isn't unique in this, all policys will have similar wording etc. It's buyer beware, and we need to invest some time in reading the insuring contract, or asking for edification when we don't understand something BEFORE we sign/buy...

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PostPosted: Fri Jul 25, 2008 11:03 pm   Post subject: Southern Texas  

you are so right! we bought a house less than a year ago and NEVER thought we would be involved in a tropical cyclone since we weren't on the water. BUT DOLLY hit us this week. Yes we live 1 hr away from South Padre Island and we got some hurindouse winds and rain. Now we found out we have to pay the 2% deductible even though Texas has been declared a catastrophic area.. READ AND UNDERSTAND THE FINE PRINT!!!


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CHI-town
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PostPosted: Sat Jul 26, 2008 11:14 am   Post subject:   

So sorry, glad no one was injured...



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PostPosted: Mon Aug 25, 2008 7:08 pm   Post subject:   

AN hour away from the water and felt there'd be no affect? Really?

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PostPosted: Mon Aug 25, 2008 7:13 pm   Post subject:   

Until 2 months ago, when other HO carriers entered the market, we had a $26k hurricane deductible, just so we could afford the $3300 a year premium, no typos. Now we have a 2% deductible, which is a little less than $5000 and I sleep soooo much better.

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PostPosted: Sat May 21, 2011 1:01 am   Post subject: tropical cyclone  

my insurance just added a 5% cyclone deduction my insurance agent is telling me that this will only apply if the dwelling is hit with a water spout


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PostPosted: Fri Aug 26, 2011 1:43 am   Post subject: TCD  

tropical cyclone deductible (2%) takes effect during a named storm. Now good luck trying find anything other that that. The reason is these losses are so big that they can put a big crimp in stockholder returns so the company does a little CYA with new policies. Not defending them, just saying.


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Honey BBQ Sauce
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