Governor Malloy, Insurance Commissioner Announce Additional Carriers Waiving Higher-Cost Deductibles

Governor Dannel P. Malloy and Insurance Commissioner Thomas B. Leonardi today announced that several more insurance companies, including Allstate, have agreed to waive the higher cost hurricane deductible for coastal property owners in the wake of Tropical Storm Irene.

The Malloy administration has been working closely with insurers that write homeowners policies in Connecticut to address the issue, which would have cost some homeowners tens of thousands of dollars in out-of-pockets costs.

“We are grateful that so many companies have stepped up do the right thing and we will continue our efforts with others in the industry,” Governor Malloy said in a prepared release. “Certainly, what has been accomplished so far is gaining a much-needed financial break for many, but the long-term benefits of helping individuals put their lives back together are incalculable.”

Commissioner Leonardi said the companies that have either waived the hurricane deductibles or have coastal policies in which their triggers have not been met represent about 80 percent of homeowners’ insurance market in Connecticut.

Companies that have waived the hurricane deductible:

• ACE
• Allstate*
• Bunker Hill*
• Connecticut FAIR Plan*
• Farm Family*
• Farmers Insurance*
• Fidelity National*
• Fireman's Fund
• Hartford
• Liberty Mutual
• MetLife**
• MiddleOak
• New London County Mutual  (NLC)
• Privilege Underwriters Reciprocal Exchange (PURE)*
• Quincy Mutual Fire Insurance Company*
• Safeco
• Tower
• Travelers
• Utica National
• Utica First
• Universal North America*
• Vermont Mutual

Companies not applying the hurricane deductibles because triggers were not met:

• Chubb
• Factory Mutual*
• Hanover
• Kemper
• Nationwide
• Peerless

*Added to list September 6, 2011

** Inadvertently omitted from initial list issued September 2