Several additional insurance companies have agreed to waive higher-cost hurricane deductibles for coastal property owners in the wake of Tropical Storm Irene, Connecticut Gov. Dannel Malloy and Insurance Commissioner Thomas Leonardi announced Sept. 6.
"We are grateful that so many companies have stepped up do the right thing and we will continue our efforts with others in the industry," Malloy said in a press statement. "Certainly, what has been accomplished so far is gaining a much-needed financial break for many, but the long-term benefits of helping individuals put their lives back together are incalculable."
The move by insurers will save some Connecticut homeowners tens of thousands of dollars in out-of-pocket costs.
Connecticut is among 18 states and the District of Columbia that allow insurers write home insurance policies with hurricane deductibles, according to the Insurance Information Institute (III). Hurricane deductibles are expressed as a percentage of a home's insured value. For instance, a 2 percent hurricane deductible on a home insured for $300,000, would total $6,000.
Percentage deductibles range from 1 percent to 5 percent of a home's value, but hurricane deductibles may be even higher in some coastal areas, according to the III.
As of Sept. 6, 22 companies said they would waive the hurricane deductible in Connecticut. They include ACE, Allstate, Bunker Hill, Connecticut FAIR Plan, Farm Family, Farmers Insurance, Fidelity National, Fireman's Fund, Hartford, Liberty Mutual, MetLife, MiddleOak, New London County Mutual, Privilege Underwriters Reciprocal Exchange, Quincy Mutual Fire Insurance co., Safeco, Tower, Travelers, Utica National, Utica First, Universal North America and Vermont Mutual.