Property Insurance Information

The Corrections Foundation stands ready to help Florida Department of Corrections’ officers and staff with emergencies and other challenges, particularly as Hurricane Irma is headed to our state.

Many of you may experience difficulty in managing your property insurance deductible. We are recommending that you look at the front page of your property insurance policy where a category is listed as Coverage A (or the category could be labeled as “Dwelling”) with a dollar amount indicated.

This dollar amount is the maximum limit your insurance company will pay in the event your home suffers catastrophic damage (or a complete loss) to your home, less your deductible. Your deductible in most cases in a hurricane is 2 percent of COVERAGE A.

Many often think the deductible is a percentage of the claim amount. That is not the case.

To calculate your deductible if you need to make a claim to your property insurance company, multiply 2% times the dollar amount in the category that shows an “A” or “dwelling.” In the attached, notice that the dwelling amount $157,400 and the 2% deductible amount is $3148.

If you have questions, please call the Department of Financial Services consumer helpline at 1-877-693-5236.



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