Decoding Residential Property Deductibles
What is a deductible?
A deductible is an amount the insurance company subtracts from your payment for damages caused by a covered loss. It is the amount you will be expected to pay if you repair or replace damaged property.
You can find your deductible amounts on your policy’s declarations page (often called a dec page). The dec page summarizes your policy and coverages, limits and deductibles, and the dates your policy is effective. You should get a dec page each renewal period.
It is important to know what type of deductibles you have, how much they are, and understand how they apply.
What are the different types of deductibles?
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