III Advises Insureds to
Check Their hurricane Deducts

NEW YORK—Hurricane deductibles are incorporated into many of the homeowners insurance policies issued in 18 coastal states and the District of Columbia, so policyholders should determine whether these deductibles apply to them, according to the Insurance Information Institute (I.I.I.).

“In the face of increased coastal development, combined
with an increased risk of a hurricane, hurricane deductibles
were created to help keep private sector property insurance
coverage available and affordable by having the policyhold-
er share more of the risk with their insurer,” said Michael
Barry, the I.I.I.’s vice president, media relations. “It is im-
portant that coastal residents know what their hurricane de-
ductible is and how it works.”
A deductible is the amount of money policyholders pay out-
of-pocket before their insurance coverage kicks in. A stan-
dard homeowners insurance policy deductible is usually
either $500 or $1,000.

Texas et al.

State insurance regulators in 18 states allow property insurance policies to include hurricane deductibles, which are tied to a percentage of a home’s insured value, rather than a flat dollar amount.

The states allowing hurricane deductibles are Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisi- continued on page 5

Goodman Gets Drex Foreman

In This Issue

Big “I” Conferees Pick Leadership for 2010-2011

Wallace C. (Wally) Goodman, CPCU, CIC, a Corpus Christi independent insurance agent, is the winner of the 2010 Drex Foreman Award from the Independent Insurance Agents of Texas. The presentation was made at IIAT’s 113th meeting.

ISO and NICB Release 2009 heavy-equipment Theft Report

League of Women Voters Turns Advocate

Named after Drex Foreman, who served as the executive director of IIAT for more than 30 years, the Drex Foreman Award is the highest honor IIAT bestows annually to an independent agent who has contributed greatly to the independent agency system.

Credit-Based Insurance Scores Save Consumers Money

Big “I” Calls for Fair Crop Insurance Program Reform

The Goods on Goodman

“One of the things I have always valued and appreciated about Wally is his dedi- continued on page 6

Division Field Offices host educational Sessions with OIeC

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