Overview
Premiums are calculated based on the policyholder's ZIP Code; in addition to their premium, Sola will charge policy fees and taxes if applicable.
ℹ️ To calculate premiums, Sola uses 4 decades of National Weather Service data, analyzing the likelihood of a structure being impacted by a severe wind and hail event.
Here is an example of a quote broken down by premiums, policy fees, and taxes:
Address: 801 North Olive Street, San Antonio, TX 78202
Policy Limit: $12,000
For Annual Payments:
Premium | $702.86 |
Policy Fees | $37.00 |
Taxes | $36.18 |
Total | $776.04 |
For Monthly Payments:
For Monthly Payments, clients must make a down payment followed by monthly installments. The down payment covers the first and last month’s premiums, policy fees, and taxes. After the down payment, the policyholder will make 10 monthly payments for the remainder of the policy term.
Using the same quote example for monthly payments:
Down Payment (due on purchase)
First + Last Month | $134.72 |
Policy Fees | $42.55 |
Taxes | $41.61 |
Total Due on Purchase | $218.88 |
Remainder of the policy term (10 months): $67.36
Total to be paid by client:
Down Payment | $218.88 |
Monthly Payments | $67.36 x 10 = 673.6 |
Total: | $892.48 |
⚠️ For Monthly Payments, the premium, policy fees, and taxes are 15% higher compared to Annual Payments.
Taxes
Taxes are charged for Wind/Hail Policies in the following states:
Kentucky
Texas
Oklahoma
Kansas
Colarado
For Tornado policies, taxes are charged only in Kentucky.
ℹ️ Taxes vary by state. For more information on your state taxes, please contact the Sola team to learn more.
Coverage Limit
Limits go from $2,000 to $25,000 for Wind/Hail Policies.
For Tornado policies, the limits go from $2,000 to $15,000.
The policy limits are designed to be flexible, meeting the various needs your client may have. To learn more about how to set policy limits, read our guide on "About the Wind/Hail Policy."