Is there an annual deductible for homeowners insurance?
Short answer. No. Unlike health insurance, homeowners insurance does not have an annual deductible. The deductible applies to each claim or each storm event, so two separate storms in one year can mean paying two deductibles, while one storm that damages several parts of the house is one deductible.
Per occurrence, not per year
Homeowners policies apply the deductible to each loss. If hail damages your roof in April and wind tears off shingles in August, those are usually two claims with two deductibles. If one storm damages the roof, gutters, siding and fence, that is one occurrence and one deductible.
Why the date of loss matters
Because each storm is its own deductible, insurers pay close attention to the date. Damage you discover months later must be tied to a specific event. If an adjuster decides some damage came from an earlier storm, it may fall outside the claim or be treated as a separate one. See date of loss.
Exceptions to know about
- A few coastal markets use hurricane deductibles that can apply once per season. Check your policy if you own coastal property.
- Some policies have separate deductibles for different perils, such as a wind and hail deductible and an all other perils deductible. Each applies only to its own type of loss. See percentage wind and hail deductibles.
Practical tips
- After every major storm, check the roof and collateral items so damage is tied to the right date.
- If two storms hit close together, describe both to the adjuster and ask how they are treating each.
- Do not assume an earlier claim this year lowers the next deductible. It does not.