When it comes to insurance, there are many confusing terms. Here is a list of 10 common insurance terms that it’s important for everyone to know.
1. Deductible
Your deductible is the amount you have to pay before your insurance company will payout for a claim. The insurance company will generally subtract the deductible from the total payout.
Continue reading “10 Insurance Terms Everyone Should Know”Example:
You file a claim for roof damage. Your deductible is $2,500 and the roof replacement will cost $10,000. The insurance company will pay $7,500, are responsible for the remaining $2,500.