When it comes to insurance policies, it’s important to understand how an insurance deductible works. A deductible is the amount deducted from an insured loss.
A deductible can either be a specific dollar amount or a percentage. Typically, the larger the deductible, the less a consumer pays in their premiums.
For example, if you have a $500 deductible, you would pay this amount and the insurance would cover anything above the $500. So if your insurance company determined you have an insured loss of $10,000, you would receive a claims check for $9,500.
Percentage deductibles are calculated based on your home’s insured value. So if your house is insured for $100,000 and you have a 2 percent deductible, $2,000 would be deducted from a claim. If the insurance company deemed your loss $10,000, you would receive $8,000.
Speak with an agent today and discuss the best deductible for your home. For more important information about insurance deductibles, click here.
At Florida Peninsula Insurance Company our aim is to combine the latest technology with old-fashioned courtesy and customer service. As one of Florida’s top homeowners insurance companies, we strive to provide efficient, cost-effective, peace-of-mind home insurance protection for our policyholders. To learn more about Florida Peninsula , please give us a call for a home insurance quote at (866) 846-3060 or visit the “GET A QUOTE NOW ” section on our website.
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