FAQ ID # 320 - I thought the minimum deductible is now $2500 but just rated an account that wouldn't let me use the $2500. Assume that is because of the low-valued carports. So, does Citizens permit $1,000 deductible on all scheduled items when there are low valued items on the schedule?

FAQ ID # 320

Last Update : 2013/02/13
Rating : Not Rated

Question / Issue

I thought the minimum deductible is now $2500 but just rated an account that wouldn't let me use the $2500. Assume that is because of the low-valued carports. So, does Citizens permit $1,000 deductible on all scheduled items when there are low valued items on the schedule?

Answer / Solution

Correct, the minimum Group I deductible is $2500, however $1000 is used with these exceptions:

If there is a building or special class item that is valued less than $84,000 (using a 3% Group II Hurricane ded) or less than $50,000 (using a 5% Grou II Hurricaned ded)
Or if you are excluding Wind and Hail.

The deductible Group I & Group II combination applies to all buildings and items on the policy.

If you have a low valued item on the quote, the program will force all other buildings and items to use the $1000 Group I deductible.

If there are no buildings or items less than the values above, if you try to use $1000, the program will give you an error and states that the minimum deductible is $2500.

Direct Link to This FAQ

http://www.itcdataservices.com/support/trfaq/?f=320

Tags

Commercial Residential Multi-Peril minimum min deductible ded