Monday, June 18, 2012

Insurance Deductibles

In terms of getting the most out of your Florida home insurance, you will need to be familiar with exactly what deductibles are. Not only will it allow you to have a better knowledge of insurance in general, but it could also save you a few dollars on your next premium.

A deductible is a certain amount of loss you have to bear, before the insurance company pays out on a claim. Deductibles can either be in a percentage form or a specific cash value.

To provide an example, if you have a $600 deductible and you make a claim worth $20,000, then the net amount due you would be $19,400. Alternatively, if you've got a three percent deductible on your home policy, then your deductible amount would be $6,000 when a claim for $200,000 is processed.

Deductibles might also have an impact on how much you pay for your insurance premium. Generally, the higher your deductible is, the lower your insurance premium will be, and the reverse is also the case.

Policy holders might have the option of having the ability to change their deductibles when they choose. In that case, if you want to save some money on your premium for a year or two you are able to always increase your deductible for that time period.

Knowing more about deductibles is a good way to get the most out of the Florida home insurance. For more information, get in touch with your insurance agent.

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