Ovation Home Insurance Exchange has released a blog post detailing how insurance deductibles impact claims, premiums, and policy customization in Florida.
According to Ovation Home Insurance Exchange, Florida homeowners must navigate two main types of deductibles: hurricane deductibles, which are typically 2%–10% of the home's insured value, and all other perils (AOP) deductibles, which are usually fixed dollar amounts. The company explains that the hurricane deductible only applies when damage is caused by a named storm and only once per calendar year, regardless of how many storms occur. This distinction allows policyholders to better estimate their out-of-pocket responsibility and avoid surprises during the claims process.
In the same blog post, Ovation provides detailed claim scenarios to show how different deductibles affect payout amounts. For example, if a homeowner suffers $15,000 in covered hurricane damage with a 2% deductible on a $400,000 home, they would pay $8,000 out of pocket. Conversely, if the damage comes from a thunderstorm and the AOP deductible is $2,500, that amount is subtracted from the claim. These examples aim to demystify the math behind deductibles and clarify their real-world financial implications.
According to the same Ovation blog, policyholders may be eligible to add an optional roof deductible that can lower their monthly premiums in exchange for accepting more financial responsibility for roof-related claims. This deductible applies only to roof damage and is calculated as the lesser of 2% of the dwelling limit or 50% of the roof's replacement cost. Ovation emphasizes that this option is subject to eligibility requirements and cannot be combined with other endorsements like the Said Roof Value.
According to its official website, Ovation Home Insurance Exchange is a Florida-based insurer specializing in customizable homeowners insurance designed for high-risk coastal markets. The company offers personalized coverage options, digital tools for managing policies, and educational content to help consumers understand their risk and responsibilities. Ovation positions itself as a reliable and responsive partner focused on helping homeowners make informed decisions about their protection and financial preparedness.