Posted on: 27th Nov, 2007 07:07 am
I see the word "deductible" in a home owners insurance policy. What is the significance of this term and what does that signify??
ravik,
Deductible is the amount the insured would have to pay before the insurance company pays toward the claim. I will put a simple example below:
$5000 bill for repair
$2000 DEDUCTIBLE (amount the policy holder would pay)
$3000 insurance company would pay
Generally, the lower the deductible, the higher the insurance policy premium.
Deductible is the amount the insured would have to pay before the insurance company pays toward the claim. I will put a simple example below:
$5000 bill for repair
$2000 DEDUCTIBLE (amount the policy holder would pay)
$3000 insurance company would pay
Generally, the lower the deductible, the higher the insurance policy premium.
Hello Ravik,
In an insurance policy, deductible is the portion that the insured has to pay before the insurance company's coverage plan begins.
In an insurance policy, deductible is the portion that the insured has to pay before the insurance company's coverage plan begins.
I would like to know what I should go for if I want a home owners insurance. Has anyone heard about HomeTec from Texas?
Thanks in advance,
Jason
[Email address removed as per forum rules. Thanks.]
Thanks in advance,
Jason
[Email address removed as per forum rules. Thanks.]
To jason,
I've replied to your query at http://www.mortgagefit.com/know-how/homeowner-insurance.html#156496 .
Hope it helps you. However, if you have any further queries, feel free to ask the community.
I've replied to your query at http://www.mortgagefit.com/know-how/homeowner-insurance.html#156496 .
Hope it helps you. However, if you have any further queries, feel free to ask the community.