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Your deductible is the amount you pay out of pocket when you file a claim.
Understanding coverage options, discounts and deductibles may help you make a more informed home insurance decision. Buying a home is expensive, and you’ll want to protect your new property to ...
The most basic home insurance policy is an HO-1, which provides coverage on the structure of your home. An HO-2 is a step above the HO-1, as it covers your home and personal belongings for named ...
For example, with a deductible of 10% with a minimum of $1,500 and a maximum of $5,000, a claim of $25,000 would incur a deductible of $2,500 (i.e. 10% of the loss), and the resulting payment would be $22,500. A claim below $15,000 would incur the minimum deductible of $1,500, and a claim above $50,000 would incur the maximum deductible of $5,000.
A homeowners insurance deductible is the amount of a claim a homeowner is responsible for in an insured disaster. If you have a $1,000 deductible and a storm does $5,000 worth of damage to your ...
Filing a home insurance claim might make the most sense when the loss estimate is more than your deductible. Any claim, even a minor one, might lead to an increase in your home insurance premium.
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