Insurance Glossary

Windstorm Deductible

Property

Definition

A separate, typically higher deductible that applies specifically to wind and hail damage, often expressed as a percentage of the dwelling coverage limit rather than a fixed dollar amount.

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Related Terms

Deductible
The amount you must pay out-of-pocket before your insurance coverage begins to pay for covered losses.
Hurricane Deductible
A separate deductible that applies specifically to hurricane damage, typically a percentage of the dwelling coverage (2-5%), and only triggered when a hurricane is officially declared.
Actual Cash Value
The repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation.
Depreciation
The decrease in value of property over time due to wear, tear, age, or obsolescence.
Replacement Cost
The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.
Flood Insurance
Specialized insurance coverage for property damage caused by flooding, typically not covered by standard homeowners insurance.
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