You must pay a deductible before your insurer will pay its portion of an insured loss. Depending on the plan, you'll owe a different amount.
<h3>What is a deductible on a homeowners insurance policy?</h3>
You'll only have to pay one deductible for each claim, but you'll have to do it repeatedly during the course of the term until your maximum is reached.
A deductible is not something you "pay" to the insurance provider. Instead, you often foot the bill for repairs (or, in the case of health insurance, for medical care) up to the deductible amount before insurance picks up the tab for the balance, up to the extent of your maximum coverage.
The amount you must pay out-of-pocket for a loss before your insurance company would repay you is known as a deductible. Sometimes, a greater deductible can provide in significant monthly premium savings. There may be a separate deductible needed for some particular losses, such as damage from hurricanes and earthquakes.
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