Lens1000
VIP Contributor
A deductible is the amount you pay towards an insured loss when you insure your property and a damage occurred. This is a risk sharing between the insured and the insurer.
The amount of the deductible is determined by the terms of coverage. The higher the deductible the lesser the insurance premiums. It is advisable that you choose a favourable deductibles taking into consideration the premium payment.
If your insurance policy states the deductible to be $300 and the worth of the insured loss is $5,000, the insurer will pay you claim of $4,700. Deductible is often applied when you claim auto insurance and homeowner policy.
One a last note, you will be responsible for the deductible when there is loss or damage.
The amount of the deductible is determined by the terms of coverage. The higher the deductible the lesser the insurance premiums. It is advisable that you choose a favourable deductibles taking into consideration the premium payment.
If your insurance policy states the deductible to be $300 and the worth of the insured loss is $5,000, the insurer will pay you claim of $4,700. Deductible is often applied when you claim auto insurance and homeowner policy.
One a last note, you will be responsible for the deductible when there is loss or damage.
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