How Does Deductible Work On Home Insurance?
12 POINTSview profilejanice hendricksInsurance Broker, Janice Hendricks Agency,When and if you put in a claim for home owners insurance. What ever the pay out on the claim it will be minus your deductible therefore make sure you have the deductible saved up for that rainy day if and when needed. If you not sure contact your agent and ask the general question to be more clear on what your inquiry is about.Answered on April 22, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaWhen you have a claim the initial settlement will be based on the actual cash value of the property lost. The deductible is applied on property losses and other listed losses but not liability nor medical payments. The company will then pay the part of the loss that exceeds the deductibles. They will normally only apply one deductible per occurrence.Answered on April 22, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasGreat question! The deductible on your homeowners works exactly the same way that it does on your health or auto insurance policies. Whatever amount the deductible is, that amount you are accountable for first. Often people will opt for a higher deductible to keep the monthly cost low, and as long as they have a savings fund to cover the higher amount, or are blessed to not have to file a claim, that is a great strategy. On the flip side, if that isn't the case, and a claim is filed, that higher deductible can be a real problem. It is very important to find a level where the deductible is affordable, as well as the policy. Thanks for asking!Answered on April 25, 2014flag this answer
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