The Different Types of Home Insurance Deductibles
In most cases, your insurance deductible refers to the dollar amount you'll have to pay yourself before your insurance company covers the rest of the money for a claim. For example, if your insurance policy has $500 auto insurance deductible, that is the amount you'll be expected to pay from your pocket if you're found to be at fault in a car accident before your insurance company covering the remainder of costs for the claim. However, in homeowner's insurance, it's not always quite that simple. Three Different Types of Home Insurance Deductibles . The typical dollar-amount/ flat rate deductible. A percentage-based deductible that majorly based on the insured value of your home. A split deductible, which operates as a dollar-value deductible in most cases but will switch to a percentage-based deductible in particular scenarios, such as hurricane-related losses. Generally, Percentage-based deductibles are considered higher