A wind and hail buyback is a deductible buy-down (a way to lower a deductible with an extra cost up front) that's tied to your homeowners policy. Sola Wind and Hail Insurance is something better: an independent, standalone policy that pays out cash on its own terms, even if you never file with your primary carrier.
What a buyback can do.
A traditional wind and hail buyback is an endorsement–an amendment to your insurance policy. It lowers your wind and hail deductible by buying it down to a fixed dollar amount, usually $2,500. A buyback is tied to your homeowners policy, so you buy and renew them together. You can only file a claim with the buyback if you file a claim on your primary policy first.
That works fine if your only goal is to lower your deductible. But it has real limits.
Three things Sola does that a buyback can't.
1. Sola isn't tied to your homeowners renewal. You can buy a Sola policy today, regardless of when your homeowners policy renews next. They're independent, with their own terms and dates.
2. Sola doesn't require a claim with your primary carrier. If you have a roof on an ACV payout schedule and a small storm causes damage, you can file a claim with Sola and leave your homeowners policy untouched. That keeps your loss history clean.
3. Sola covers more. Most buybacks are limited to buying you down to a $2,500 deductible. Sola Insurance can cover limits from $2,000 to $25,000, so a $20,000 deductible on a high-value home is fully covered. That's something a buyback can't offer.
When a buyback is the right fit (and when Sola is).
If your wind and hail deductible is $2,500 to $5,000 and you're happy with the carrier you have, a traditional buyback might be all you need.
But if your deductible is $10,000 or higher, if your roof is older and on ACV, if you want the option to file a claim without touching your primary insurance, or if you want a policy that isn't tied to your homeowners renewal, Sola is a smart option.
“My homeowners policy kept increasing by close to $1000 a year for the past 3 years without having any claims. I started shopping insurance and changed over to an independent agency and by switching to a 2% deductible and carrying a policy with Sola, I was able to reduce my premium by $700 and still be out of pocket only 1% with any future wind/hail damage claim. I wish I had found out about Sola much sooner than I did and I would have changed carriers much sooner.”Mark Howard
Keep reading
More on how Sola fits into your wind & hail coverage.