An overview of homeowners insurance waivers of deductible.
Most homeowners understand that they need to pay a deductible when they file a homeowners insurance claim. However, you may be surprised to learn that this isn’t always the case. If you have a waiver of deductible clause included in your policy, then there are some situations in which your insurer will waive your deductible. Here’s what you need to know about waivers of deductible.
- What is a waiver of deductible?
A waiver of deductible is a clause in your home insurance policy that lists certain situations in which you do not need to pay your deductible to access your coverage. For instance, the “big claim” or “large loss” waiver of deductible allows you to bypass deductible payments on claims that exceed a certain dollar amount. This type of waiver kicks in for major losses, such as your home being completely destroyed by fire.
- How do I know if I have a waiver of deductible?
Waivers of deductible are common in homeowners insurance policies. You will be able to find details about your waiver in the wording of your policy. Your insurer might also offer you the opportunity to buy additional waivers. However, you need to be wary. If the cost of the waiver deductible is equal to the savings of setting a higher deductible, then taking this step isn’t worthwhile.
- Do waivers of deductible differ depending on the company?
Yes; waivers of deductible are based on your specific insurance company. Some insurers might not offer this money-saving option at all. The companies that do offer this option will have different rules about which claims qualify for the waiver. This is why you should speak to your insurance provider to learn about the specifics of your waiver. Understanding when your insurer will waive your deductible will help you decide when to increase your deductibles to save money on your premiums.
Do you have more home insurance questions? If so, then contact the experts at Weaver & Associates in Arcadia, California for assistance today.