Learn about deductible, which is the amount that an insured must pay before the insurance company begins to pay for a covered loss.
The "Deductible Amount" refers to the amount you must pay before the insurance kicks in, holding you accountable. A higher deductible means that you'll have to pay a lower monthly insurance cost. This amount varies based on the coverage offered in the insurance plan. Ensure to inquire about the deductible in great detail before agreeing to the policy.
For example, if your deductible is $500 and a fire destroys $4,000 worth of furniture, then $500 is your responsibility and your insurance company will cover the remaining $3,500.
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