Zurich North America is launching a hurricane deductible buy-back program to residential homeowners in Florida.
The “Cat4Home” buy-back program comes from Zurich’s partnership with Vertus Insurance Partners. The program will cover 100% of the hurricane deductible, which is generally around 1% to 5% of the value of a home.
“After experiencing a hurricane, the last thing homeowners need to worry about is how they will come up with enough money to cover their hurricane deductible,” Zurich North America head of programs Greg Massey.
Massey added that both Zurich and Vertus are offering a solution to those homeowners in coastal, hurricane-prone states who are facing higher deductibles, allowing them to recover faster after a disaster.
Cat4Home is available in Florida on homes with a value of up to $5 million and hurricane deductibles ranging from $1,000 to $100,000.
“Our new hurricane deductible buy-back program provides homeowners peace of mind that they’ll be able to cover that immediate cost before their residential insurance policy kicks in,” Massey explained.