GeoVera Insurance

GeoVera Insurance is an American company based in California. In the past, GeoVera was known as USF&G Specialty Insurance Company. They are a surplus lines carrier. They have been assigned the rating of “A” (Excellent) for financial strength and operating performance.

GeoVera Eligibility

What kind of homes can GeoVera insure in Mobile and Baldwin County? To be insured by GeoVera, the home must meet the following guidelines:

• Occupancy must be primary, secondary, or tenanted. Vacant homes are not insurable unless covered by a wind only policy.
• The minimum dwelling coverage amount must be at least $100,000 but no greater than $650,000.
• Must be built after 1945. This is subject to change as in 2020, more than likely the home will be required to be built in 1950 or later. Generally, the home must be 70 years or younger.
• Can’t be within ½ mile to the coast; Mobile Bay or Gulf of Mexico.
• Can’t be stucco. Frame, masonry, and brick are eligible.

Wind Only Insurance

The great thing about GeoVera’s wind only insurance is its hurricane deductible. This is the greatest type of deductible for wind insurance. There are 3 types of wind deductibles: Wind deductible, named storm deductible, & hurricane deductible. Here are the differences:

• Wind Deductible – ANY wind related damage done to your home would fall under this deductible.
• Named Storm Deductible – ONLY damage done by a storm with a name would apply to this deductible. This would include tropical depressions, tropical storms, and hurricanes. It also includes any storm that has received a name.
• Hurricane Deductible – ONLY damage done by a hurricane would apply. If a hurricane was coming to the Gulf, and then was downgraded to a tropical storm, this deductible would not apply.

Here’s how GeoVera works as of 2016: If you get wind only coverage through GeoVera you will get 2 deductibles; a wind deductible and hurricane deductible. Let’s say that your home has a $2500 wind deductible and a $10,000 hurricane deductible. If a pop up thunderstorm or tornado damages your home, it must do $2500 in damage before you receive insurance money. If a hurricane damages your home, it must do $10,000 in damage for you to receive insurance money. Furthermore, if a hurricane is about to hit your home, but is downgraded to a tropical depression and then damages your home, which deductible applies? It’s the wind deductible. Why? Even though a named storm hit your home, it is no longer under the category of hurricane, therefore the lower wind deductible would apply.

No liability or medical coverage is available on a wind insurance policy.