Insurance Changes as of August 26, 2009

Insurance Changes as of August 26, 2009

Here is the latest from the changes that went into effect through the NCJUA (wind pool) on 8/26/2009

1. Maximum coverage available now is $750k whether a full homeowners or a wind/hail policy.

2. You have to have an excess policy, if the replacement cost on your home is over $750k, to even be eligible for the 1^st $750k through the pool.

3. 40% maximum on contents, this means you will have actual cash value settlement (replacement cost less depreciation) because state regulations require that you have 70% of value of home, for contents, in order to be eligible for replacement with do depreciation.

4. Primary coverage would be with the NCJUA.

5. Surcharge of 10% for wind/hail policies and 20% for full homeowners policies.

6. 1% minimum Hurricane deductible (1% of whatever value the house is insured for).

This is the jest of it. Things could change tomorrow and if they do I'll keep you posted. Feel free to share this with your company.

Ginger Harper