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Your homeowners insurance deductible is the amount of money you have to pay out-of-pocket before your insurance company starts covering your claims. In other words, if you have a $500 deductible and you suffer $1,000 in damages, you will only receive $500 from your insurance company (minus any other fees or charges).
There are a few things you should know about your homeowners insurance deductible:
1. You can usually choose your deductible amount.
When you're buying homeowners insurance, you'll be able to choose your deductible amount. The higher your deductible, the lower your premium (monthly insurance payment). However, you need to make sure you can afford to pay your deductible if you ever need to make a claim.
2. Your deductible may be different for different types of claims.
Some insurers have different deductibles for different types of claims. For example, you may have a $500 deductible for wind damage but a $1,000 deductible for water damage.
3. You may be able to lower your deductible.
If you have a high deductible and you're worried about being able to afford it, you may be able to lower it. However, this will usually result in a higher premium.
4. You may be able to get a deductible waiver.
Some insurers offer deductible waivers, which means you won't have to pay your deductible if you make a claim. However, these are usually only available for certain types of claims, such as wind damage.
5. You may have to pay a higher deductible if you live in a high-risk area.
If you live in an area that's prone to hurricanes, earthquakes, or other natural disasters, you may have to pay a higher deductible. This is because you're more likely to make a claim in these areas.
There are a few things you should know about your homeowners insurance deductible:
1. You can usually choose your deductible amount.
When you're buying homeowners insurance, you'll be able to choose your deductible amount. The higher your deductible, the lower your premium (monthly insurance payment). However, you need to make sure you can afford to pay your deductible if you ever need to make a claim.
2. Your deductible may be different for different types of claims.
Some insurers have different deductibles for different types of claims. For example, you may have a $500 deductible for wind damage but a $1,000 deductible for water damage.
3. You may be able to lower your deductible.
If you have a high deductible and you're worried about being able to afford it, you may be able to lower it. However, this will usually result in a higher premium.
4. You may be able to get a deductible waiver.
Some insurers offer deductible waivers, which means you won't have to pay your deductible if you make a claim. However, these are usually only available for certain types of claims, such as wind damage.
5. You may have to pay a higher deductible if you live in a high-risk area.
If you live in an area that's prone to hurricanes, earthquakes, or other natural disasters, you may have to pay a higher deductible. This is because you're more likely to make a claim in these areas.
