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Monday, 05 April 2021 19:27

UNDERSTANDING YOUR INSURANCE DEDUCTIBLE Featured

Hurricane image Hurricane image Carl Unger SmarterTravel.com

Deductibles have been an essential part of the insurance contract for many years. Understanding the role deductibles play when insuring a car or home is an important part of getting the most out of your insurance policy.

DEDUCTIBLE DEFINED

A deductible is an amount of money that you yourself are responsible for paying toward an insured loss. When a disaster strikes your home or you have a car accident, the amount of the deductible is subtracted, or “deducted,” from your claim payment.

Deductibles are the way in which a risk is shared between you, the policyholder, and your insurer. Generally speaking, the larger the deductible, the less you pay in premiums for an insurance policy.

 

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