Are You Missing Out on Substantial Wind Mitigation Credits on your Homeowners Policy?
Living in the Coastal Territories of Charleston County, insureds should always be aware of possible ways to reduce their homeowners insurance premiums. A large percentage of the annual premium for a homeowners insurance policy that is inclusive of windstorm and hail coverage is attributed to the peril of windstorm and hail. Due to the high premiums associated with windstorm and hail coverage, there are significant credits to be had on homes with certain features present that make them less vulnerable to wind and hail damage.
As per the 2007 Omnibus Coastal Property Insurance Reform Act, homeowners insurance carriers in South Carolina are required to inform customers of wind mitigation credits that can potentially be applied with acceptable proof of features present. A Wind Mitigation Form completed by a licensed contractor, architect or engineer to be submitted to the insurance carrier would determine which (if any) credits are applicable.
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Some of the features that will be observed during the wind mitigation inspection are:
- Opening Protection (ex. Storm Shutters, Impact Resistant Glass on all openings, Retrofitted Garage doors, etc.)
- Roof- Deck Attachment
- Roof –To – Wall Connection (ex. Single Straps, Double Straps)
- Secondary Water Resistance (ex. If Felt or Approved layer of protection between the shingles and roof sheathing that mitigate against water damage is present)
- Shape of Roof
Of course, the professionals qualified to complete the wind mitigation forms will expect to be paid for their time and expertise. How do you know if a wind mitigation inspection is worth the money? It is hard to say with absolute certainty whether the cost of having the wind mitigation form completed will always be outweighed by the credits to be applied to your homeowners insurance policy.
A great time to get a wind mitigation form completed is when purchasing a home. The home inspector hired to inspect the property can complete the wind mitigation form during the inspection, usually for a small fee if requested and provided with the document prior to the inspection. Ask your agent for a wind mitigation form when you begin the quoting process.
If you have any questions pertaining to wind mitigation credits, one of McKay Insurance, INC.’s experienced agents would be happy to speak with you. Call our office at 843-881-2229.