Date registered: Feb 2006
Vehicle: 1999 ML320
Mentioned: 1 Post(s)
Quoted: 310 Post(s)
When is hurricane damage not
hurricane damage ?
Guess who's insurance is going up ?
PROVIDENCE, R.I. -- A new law could save homeowners money when a hurricane off the Atlantic coast churns up weather strong enough to damage homes in Rhode Island but never reaches the state.
Legislation signed last week by Gov. Don Carcieri prevents insurance companies from forcing customers to pay a higher deductible than normal for hurricane-related damage unless hurricane-force winds actually gust over Rhode Island.
Most insurance policies force homeowners to pay a cash deductible before their insurer will cover damage under normal circumstances. But given this small state's proximity to the coast, many homeowners in Rhode Island can also be forced to pay up to 5 percent of the total property damage caused by a hurricane before an insurer will cover their remaining bills.
Under the new law, insurers cannot require their customers to pay a hurricane deductible unless the National Weather Service records winds of at least 74 miles per hour in Rhode Island. Lynn Knauf, the director of personal insurance lines at the Property Casualty Insurers Association of America, said she was unaware of any other state that has enacted similar restrictions.
New RI law saves residents money when storms loom - Forbes.com
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