While hurricanes, wildfires, and tornadoes grab headlines, hailstorms’ sheer frequency and shifting severity are leading to higher costs for homeowners. And hail risk is showing up in more than just rising premiums.
Expensive claims costs are leading insurers to share more of the financial burden of climate risk with home insurance policyholders. Typically, this happens through an additional and often higher deductible for wind and hail damage. For example, the average wind and hail deductible in Texas is $7,761, according to Insurify data. Facing those higher out-of-pocket costs, some homeowners skip filing a claim altogether.
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