An insurance deductible is the amount paid out of pocket by you before an insurance company will pay any covered expenses. After you pay your deductible, the insurance carrier can pay for a covered loss up to the policy limits. For example, if your home insurance policy has a $1,000 deductible you must spend that amount out-of-pocket before your insurance company picks up some of the tab for a covered expense.
What is a Good Deductible for Insurance?
If you have a low home insurance deductible, you have more coverage from your insurance company, and pay less out of pocket when there is a claim. If you have a higher deductible you will pay more out of pocket initially for a claim. However, a higher deductible often means you pay a lower monthly premium. Most often folks pick a deductible in the middle.
Speak with your personal Britton and Britton Insurance agent about what deductibles make sense for your home quote and policy. Your agent can even quote several different deductible option so you can make the best choice for your personal insurance needs.
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