- The amount the insured must pay before receiving insurance benefits after a hurricane. Some insurance companies require a percentage based deductible for hurricane damage instead of a standard set dollar deductible.
payment for insurance claim, insurance payment
Related Terms and Acronyms
- Casualty and Theft Loss — Definition,
- A loss caused by a hurricane, earthquake, fire, flood, theft or similar event that is sudden, unexpected or unusual. You can deduct a portion of personal casualty or theft losses as an itemized deduction.
- Catastrophe Hazard — Definition,
- An event, such as a hurricane or earthquake, that poses a risk of a catastrophic loss.
- Catastrophe Insurance — Definition,
- Insurance that covers losses due to catastrophe hazards such as hurricanes, earthquakes and terrorist attacks.
- Deductible — Definition,
- A payment that a policyholder must make before an insurer is required to provide benefits.
- Water Exclusion Clause — Definition,
- A provision that gives an insurer the option to deny coverage for certain kinds of water damage.
- Windstorm Insurance — Definition,
- Insurance that covers damages resulting from windstorms.