Wind Buyback Deductible FAQ

Getting your clients the right information makes a huge difference in the decisions they make. When considering wind deductible buyback insurance, knowing everything they can in plain language helps build trust and loyalty.

Once you introduce this option, the key is anticipating their questions before they ask. They may ask questions like:

What is a wind deductible buyback?

This is an option that will allow your wind insurance to be a little more cost-effective under a different policy. With a wind buyback deductible in place, a deductible will offset the costs of having to pay the full deductible towards any damage.

Why is a separate policy needed?

A separate policy is needed to be able to provide a lower deductible. It helps property owners who may have certain restriction caps on their loan or mortgage. With a wind buyback, all or a portion of the deductible is used, protecting the client against having to pay a high deductible when funds are already tight from an unforeseen disaster. Some insurance companies may not cover all the expenses under the current policy. This is an additional way to extend your protection at a lesser cost.

Is this a viable option?

Consider this option one that works in a variety of instances. There are buyback deductible options for flooding and other situations involving protection for the home. There are buyback deductibles for other types of policies as well.

The Benefits of Wind Buyback Deductible

There are a few benefits associated with having a wind buyback deductible. In the event of an unexpected storm that causes, damage, the wind buyback deductible helps the homeowner avoid high out-of-pocket expenses they may not have the cash for. Additionally, the premium on a wind buyback deductible is just a small percentage of the policy limit. It is important to note that this solution can only be used if there is extensive damage caused by the wind. Any other damages cannot be replaced or repaired under this deductible.

Being able to offer your clients this type of protection when they are in areas prone to wind damage can be a lifesaver in being able to get the repairs they need, when they need them. As an insurance agent, they will appreciate the effort of making them aware. For more information on wind buyback deductibles and other questions clients may ask, work with the Wilmington Insurance Agency to get the best information and rates to your clients.

About Wilmington Insurance Agency

Wilmington Insurance Agency delivers comprehensive coastal property solutions. We are a Managing General Agency and provide independent insurance agents with property and liability insurance solutions for residents and businesses primarily in Maryland and Virginia. We work alongside our sister company, Wilmington Insurance Company, established in 1996 and providing Property & Casualty commercial lines business, homeowners, and condominium insurance in the state of Delaware. To learn more about how we can help you to expand your book of business in the coastal market, contact us at (302) 231-2800.