Definition: Deductible
Home Insurance Deductible is the portion of loss that you are covering in case of an accident. If your deductible is, let’s say $250, it means that if you submit a claim, for example, for $1,000, you will be responsible for paying $250 and the insurer for the remaining $750.
The lower the deductible you choose, the higher your insurance premiums will be, since the amount that you risk to pay is lower. There are often options to reduce the deductible as low as $0.
Insurance Tip related to Home Insurance Deductible
Our suggestion is to choose a deductible that you know you will be comfortable to pay in case of a home insurance claim, without putting a financial burden on your family.
Another thing to consider is that it is sometimes not worth reporting minor claims since:
- You will still have to pay the deductible
- Your future home insurance rates may go up since your insurance company might start seeing you as an increased risk.
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