The Williamsburg Board of Education approved a new insurance plan with Houchens Insurance Group (HIG) which officials say could significantly reduce out-of-pocket costs following storm or water damage claims.
According to David Livingston with HIG, insurance carriers began increasing wind and hail deductibles following severe storms and tornadoes throughout Kentucky in recent years.
“Each year, those have seemed to have grown,” said Livingston.
Livingston explained the new plan with Obsidian Insurance lowers the wind deductible from $100,000 to $10,000. The hail deductible would remain at $100,000 per address, while the water deductible would decrease from $50,000 to $10,000.
“Going with Obsidian saves you $40,000 if it’s a water damage claim,” said Livingston. “If it’s a wind claim, it saves you $90,000.”
The Obsidian quote also includes cyber coverage, which the district did not have previously.
Livingston informed the board members Obsidian Insurance is an A-minus rated carrier focusing on financial strength.
