New York State Homeowners: No Superstorm Sandy Insurance Deductibles

  |  November 2, 2012

Flickr/Photo by Tomathon, used per Creative Commons license

Well, here’s some good news, folks: if you have Sandy-related storm damage and want to file a claim, you won’t have to pay a deductible to your insurance company. “The New York State Department of Financial Services has told the insurance industry that hurricane deductibles should not be triggered by this storm because Sandy did not have sustained hurricane-force winds when it made land in New York,” write the Daily News. “Often hurricane deductibles, which are part of homeowners’ insurance, amount to 1% to 5% of a home’s value. A 5% deductible on a home insured for $300,000 would mean a homeowner would have to pay for the first $15,000 of damage.”

Governor Cuomo announced this happy news late on Wednesday.

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