How Much is My Homeowners Insurance Deductible?
A lot of clients want to know exactly what their deductible is and if their damages reach the deductible or not. Deductibles vary depending on the type of policy. For homeowners, according to the Homeowner’s Policy (HO3), most of the deductibles are somewhere in the range of $1,000 to $2,500. For condominiums, according to the Condominium Policy (HO6), most deductibles fall in between $500 to $1000. The deductible is set and standard for all other perils, meaning that for most types of property damage, the deductible remains at the same value. Whether your property has water or fire damage, the deductible is the same.
What is 'All Other Perils?'
All other perils refers to all of the types of damages covered by a standard property deductible. The following damages all fall under, “All other perils”, fire or lightning, explosion, riot or civil commotion, aircraft, vehicles, smoke, vandalism or malicious mischief, theft, falling objects, weight of ice, snow or sleet, accidental discharge or overflow of water or stream, sudden and accidental tearing apart, cracking, burning or bulging, freezing, sudden and accidental damage from artificially electrical current, and volcanic eruption. Damages such as flooding or hurricane damage require their own specific policy and don’t use the standard property owner deductible that is used for all other perils. Policies with hurricane damage can range from having a deductible of 2%, 5% or 10% of the entire payout and is regarded as part of the coverage A dwelling insurance, a separate coverage from the home insurance and the other perils.
Do I have to Pay for My Homeowners Insurance Deductible?
Clients never have to pay out of pocket for their deductible. The deductible is extracted from the claim payout if the client and the public adjuster win the claim. For example, let’s say you’re a homeowner and your deductible is $2,500 for all other perils. Then, let’s say you open a claim for water damage. You hire a public adjuster and he or she gives you an estimated value of $20,000 for the damage. If you and the public adjuster file for those water damages valued at $20,000, and you two win, the deductible will then be automatically extracted from the payout. Therefore, the total payout or the net payment, is $17,500 because the claim was settled for $20,000 and your deductible was $2,500.
Contact Us, anytime
Opening Hours:
Open 24 Hours
Office: (954) 533-6557
Mobile: (786) 277-5120
Address: 5400 S University Dr
Suite 608, Davie, FL 33328
Email:
claims@adjustmentspecialists.com
Copyright 2024 © Adjustment Specialists - All rights Reserved.