Contact Us: (718) 848-7777
UG Insurance Brokerage Inc
  • Quotes
    • Auto Quotes >
      • ATV Insurance Quote
      • Auto Insurance Quote
      • Classic Car Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Commercial Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Commercial Auto Insurance Quote
      • General Liability Insurance Quote
      • Group Benefits Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Health Quotes >
      • Health Insurance Quote
      • Critical Illness Insurance Quote
      • Dental Insurance Quote
      • Medicare Advantage Plan Quote
      • Medicare Supplement Coverage Quote
      • Vision Insurance Quote
    • Other Quotes >
      • Boat Insurance Quote
      • Event Insurance Quote
      • Umbrella Insurance Quote
      • Travel Insurance Quote
      • Wedding Insurance Quote
  • Service
    • Report a Claim
    • Update Contact Info
    • Policy Changes
    • Online Documents
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Commercial >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Commercial Auto Insurance
      • General Liability Insurance
      • Group Benefits
      • Insurance Bonds
      • Workers Compensation
    • Health >
      • Health Insurance
      • Critical Illness Insurance
      • Dental Insurance
      • Medicare Advantage Plans
      • Medicare Supplement Coverage
      • Vision Insurance
    • Other >
      • Event Insurance
      • Travel Insurance
      • Umbrella Insurance
      • Wedding Insurance
  • About
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Agency Photo Gallery
    • Newsletter Signup
    • Blog
    • News
    • FAQs
  • Business Directory
  • Contact
  • Quotes
    • Auto Quotes >
      • ATV Insurance Quote
      • Auto Insurance Quote
      • Classic Car Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Commercial Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Commercial Auto Insurance Quote
      • General Liability Insurance Quote
      • Group Benefits Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Health Quotes >
      • Health Insurance Quote
      • Critical Illness Insurance Quote
      • Dental Insurance Quote
      • Medicare Advantage Plan Quote
      • Medicare Supplement Coverage Quote
      • Vision Insurance Quote
    • Other Quotes >
      • Boat Insurance Quote
      • Event Insurance Quote
      • Umbrella Insurance Quote
      • Travel Insurance Quote
      • Wedding Insurance Quote
  • Service
    • Report a Claim
    • Update Contact Info
    • Policy Changes
    • Online Documents
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Commercial >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Commercial Auto Insurance
      • General Liability Insurance
      • Group Benefits
      • Insurance Bonds
      • Workers Compensation
    • Health >
      • Health Insurance
      • Critical Illness Insurance
      • Dental Insurance
      • Medicare Advantage Plans
      • Medicare Supplement Coverage
      • Vision Insurance
    • Other >
      • Event Insurance
      • Travel Insurance
      • Umbrella Insurance
      • Wedding Insurance
  • About
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Agency Photo Gallery
    • Newsletter Signup
    • Blog
    • News
    • FAQs
  • Business Directory
  • Contact

UG Insurance Brokerage Inc Blog

What Is A Homeowner Insurance Deductible?

12/12/2022

0 Comments

 
Picture
​A homeowner's deductible is the portion the homeowner must pay out in cash before their home insurance coverage starts. When the insurance provider settles the request, it may be for the full cost of the damage, less the deductible.

You won't pay your insurance deductible to the company like a bill. Rather, it is deducted from the total that the insurance provider reimburses. The individual or business contracted to repair the damage receives the balance from you, reducing your deductible.
How Does a Homeowner Insurance Deductible Work?
Before the insurer pays its portion, you must complete your deductible. The insurance provider would not provide any compensation if the cost of the harm done to your home is lower than your deductible. If that were the situation, you wouldn't worry about making an insurance claim.

Alternatively, you would make the required payment. You would only pay the $350 out of your pocket if the damage to your property is $350 and your deductible is $500.

Different Types of Homeowners' Insurance Deductibles
There are two kinds of deductibles on your homeowners' insurance policy: standard and percentage.

Standard Deductible
The normal deductible is a defined cash amount between $500 and $2,000. No matter the damage costs, once you have a standard deduction, the portion you'll pay remains the same. You'll typically pay this when filing an insurance claim.

There is still another deductible type that is often established for particular cases. It is referred to as the percentage deductible.

Percentage Deductible
Claims resulting from wind, hailstorms, and hurricanes are often the only ones liable to percentage deductibles. It represents a portion of the covered value of your home. Normally, these deductibles range from 1 to 10% of that total. 

Accordingly, if your deductible is 1% and your house is insured for $300,000, you would be responsible for paying $3,000 out of yourself. Your insurance would pay $7,000 if you submitted a claim for $10,000.

Selecting The Appropriate Deductible
It is helpful to choose a deductible by balancing its immediate cost with the overall cost of the coverage. Also, it involves looking at your finances to see what you can pay in case you suddenly have to pay your deductible.

Recognize the Effects of Your Deductible on Your Premium
You may need a premium for home insurance. It is a continuous or yearly payment you make to maintain your coverage. Depending on how your loan is arranged, you may include homeowners insurance in your mortgage payment, stored in an emergency fund account, or paid by your lenders.

Conclusion
Remember that you could have many deductibles for the same coverage. You might have a different percentage-based deductible for certain claims. To determine what kind of homeowners insurance deductibles apply to your plan, ensure you understand how to interpret your insurance coverage.

At UG Insurance Brokerage Inc, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. You can get more information about our products and services by calling our agency at (718) 848-7777. Get your free quote today by CLICKING HERE.
0 Comments



Leave a Reply.

    Contact Us

    (718) 848-7777
    11429 Lefferts Blvd
    South Ozone Park, NY 11420​​
    Click Here to Email Us

    Archives

    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020

    Categories

    All
    Auto Insurance
    Boat Insurance
    Business Insurance
    FAQs
    Financial
    General Liability Insurance
    Health Insurance
    Home Insurance
    Insurance
    Landlord Insurance
    Life Insurance
    Local
    Mortgage Protection Insurance
    Motorcycle Insurance
    Safety
    Workers Compensation

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login

Connect With Us

Share This Page

Contact Us

UG Insurance Brokerage Inc
11429 Lefferts Blvd
South Ozone Park, NY 11420​
(718) 848-7777
Click Here to Email Us
Review Us

Location

Website by InsuranceSplash