How Do Homeowners Insurance Deductibles Work?
22 POINTSview profileDan BeukelmanCSR, American Family Insurance,The deductible is the amount you pay when you have a claim. What happens is the insurance company adjuster will estimate the damage (sometimes they ask you to get estimates from contractors), and arrive at a total amount to do the repair. They subtract the deductible from the repair total and pay you what is left. Some companies have specific wind/hail deductibles or other coverage specific deductibles, so you should refer to your contract for what your deductible is.Answered on March 19, 2014flag this answer
7647 POINTSview profileMark Bartlett CLCSBranch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance CarriersThe deductible is your portion of the loss that you will pay. For example if there is a fire with $20,000 worth of damage and you have a $1,000 deductible your insurance company will pay $19,000 and you will pay $1,000. In some areas you may have varying deductibles depending on the cause of loss.Answered on March 30, 2014flag this answer
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