By following a few of the Institute for Business and Home Safety's suggestions, Connecticut coastal homeowners can save money on their homeowner's insurance premiums (IBHS). IBHS recommends that people with homes that are less than 2,600 feet from the coast put up plywood shutters to protect their windows. Insurance companies may want you to take extra steps to protect your home against a possible loss.
The insurance company won't turn down coverage just because you don't use any of the mitigation measures. They still have the right to offer coverage with a 2% hurricane deductible, though. If your insurance company does have a hurricane deductible, it must show it on the declarations page (the first page of the policy). Also, when you renew your policy, they must tell you that you will have to pay such a deductible. For the hurricane deductible to make sense, the insurance company must have actuarial data to back it up.
If you have to pay the hurricane deductible on your property, you should get a discount on your premium to make up for it. Let's be honest: a deductible means that your coverage is less. Any time coverage goes down, the price should go down, too.
By law, the insurance company can't "non renew" your policy if you don't take the mitigation steps, such as putting up plywood shutters. Homeowners can either put the measures into action or accept a hurricane deductible. If you, as the policyholder, choose neither, the insurance company can choose not to renew your policy.
It makes sense that people would do everything they can to keep their homes safe. A house is a big investment, so you shouldn't take it lightly. Check with your insurance company to see if you can get a bigger discount on your premium if you use more than one mitigation method. Insurance companies like to cover properties that aren't likely to get damaged, and they usually give lower premiums to those who do. It's important to keep your home safe.
