Named storm deductible

{
  "id": "MLC-T-INS-002268",
  "term": "Named storm deductible",
  "field": "Insurance and risk management",
  "definition": "A specific deductible amount in a property insurance policy that applies only to damage caused by a storm that has been officially named by a recognized meteorological authority. This deductible is a percentage of the property's insured value, rather than a fixed dollar amount, and is higher than the standard deductible for other perils. States like Florida and Texas have specific regulations governing when and how these deductibles can be applied.",
  "url": "https://mlchart.com/terminology/insurance/named-storm-deductible/"
}