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General

Deductible

A deductible is the amount you pay out of pocket on a covered claim before your insurance company pays the rest. Higher deductibles lower your premium; lower deductibles raise it.

The amount you pay out of pocket on a covered claim before the insurance company pays the rest. Higher deductibles usually mean lower premiums and vice versa. Example: with a $1,000 deductible, a $7,500 hailstorm claim pays you $6,500. Bumping the deductible to $2,500 typically cuts the premium by 10 to 20 percent.