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Home Owner Insurance

Home insurance deductibles refer to the amount of money that a policyholder must pay out of pocket before their insurance coverage begins. In other words, a deductible is the amount of money that the policyholder must pay before the insurance company will start to pay for any covered losses.
 
For example, if a policyholder has a $1,000 deductible and their home is damaged in a storm that costs $5,000 to repair, the policyholder would be responsible for paying the first $1,000 of the repair costs, and the insurance company would pay the remaining $4,000.
 
Home insurance deductibles are usually set by the policyholder at the time they purchase their insurance policy. The higher the deductible, the lower the monthly or annual premium payments will be. This is because the policyholder is taking on more of the risk, so the insurance company does
not have to charge as much to cover that risk.

There are a few different types of home insurance deductibles that policyholders can choose from, including:

1)  Per-Occurrence Deductible: This type of deductible applies to each individual claim. For example, if the policyholder has a $1,000 per- occurrence deductible and makes three claims in one year, they would be responsible for paying $1,000 for each claim.

2) Annual Deductible: This type of deductible is a set dollar amount that applies to all claims made within a one year period. For example, if the policyholder has a $2,500 annual deductible, they would be responsible for paying $2,500 for all claims made within that one-year period, no matter how many claims they make.

 

3) Percentage Deductible: This type of deductible is a percentage of the total coverage amount. For example, if the policyholder has a 1% deductible, they would be responsible for paying 1% of the total coverage amount for each claim they make.

Policyholders should consider their own personal situation when choosing a deductible. If they are likely to make many claims, a lower deductible may be a better choice. On the other hand, if they can afford to pay a higher deductible in the event of a claim, a higher deductible may be the best option.
In summary, home insurance deductibles are the amount of money a policyholder must pay out of pocket before their insurance coverage begins. Policyholders can choose from per-occurrence, annual, and percentage deductibles, and should consider their personal situation when making a choice. The higher the deductible, the lower the monthly or annual premium payments will be.

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