It’s important to have a personal relationship with your Ohio insurance agent. When you receive your Ohio home insurance quotes from https://ohioinsurancequotes.net/ohio-homeowners-insurance-quotes/, they’ll be filled with terms and conditions that can be hard to understand. Having an insurance agent that is familiar with every aspect of your insurance policy can be a great help in choosing the correct coverage for your budget and your circumstances. One aspect of Ohio home insurance quotes has gotten much more complicated recently, so it’s doubly important to have it explained to you in layman’s terms: You might have two deductibles on your Ohio home insurance quotes.
Having two sets of deductibles on a homeowners policy was unheard of until a few years ago. Unfortunately, weather-related claims on home insurance policies skyrocketed, and the insurance companies were faced with a dilemma. In order to cover the cost of all the claims, they needed to increase the cost of everyone’s homeowner insurance policies in the state. They felt that this would have created an undue burden on people who had never made a claim on their insurance. They came up with a strategy to align the risk of insurance claims due to weather to the people most likely to make a claim. The insurance companies accomplished this by adding a separate set of deductibles. Depending on what type of claim you make on your insurance, you’ll have to satisfy a different deductible.
The second deductible is often referred to on Ohio home insurance quotes as a per peril deductible. A peril is an old-fashioned insurance term for the cause of a claim. By specifying two different classes of perils on a policy, and assigning different deductions to each, the insurance companies are able to lower premiums for all their customers.
One common listed peril on these new policies are wind and hail claims. These claims have cost Ohio insurers hundreds of millions of dollars in the last few years, and they have tried to limit their exposure to these claims on standard insurance policies. If a homeowner is less concerned about wind and hail damage, and more concerned about the overall cost of the policy, they can choose a high deductible on wind and hail claims to save money. Many insurance policies list all the other perils under one heading. That means if your home is vandalized, is burglarized, or has a fire that causes substantial damage, it would all be subject to the same peril classification and deductible amount.