Understanding Waivers of Deductible in Home Insurance

What you should know about the waivers of deductible clause. 

Within your home insurance, you have a deductible. This is the predetermined amount that you agree to pay towards a claim before your insurance policy kicks in to help. What many homeowners don’t know, however, is that some policies will waive your deductible when certain circumstances apply. When your total claim reaches a certain dollar amount, for example, you might not have to pay your deductible.

For example, after a fire, you make a home insurance claim of $50,000 for repairs. Your home insurance deductible is $1,500, but your policy states that this deductible doesn’t apply if a single claim adds up to more than $25,000. In this circumstance, since the claim is more than $25,000, you don’t have to pay your deductible.

Waivers of deductible following a large loss will vary based on your insurance company and policy choice. Be sure to ask your insurance agent if your insurance company offers a deductible waiver and the details of such a waiver. Knowing if and when your home insurance policy will waive the deductible can be helpful in determining whether or not to increase your deductible to save money.

Your homeowners insurance is designed to safeguard your property and wallet when they need the most protection. Contact the team Lou Aggetta Insurance Services in Pleasant Hill to get started on your tailored policy.

Lou Aggetta Insurance, Inc.

2637 Pleasant Hill Rd
Pleasant Hill, CA 94523

(925) 945-6161 | Phone
(925) 256-7610 | Fax