What Exactly Is A Deductible?

Deductibles Defined

When you are purchasing new insurance or renewing a current policy, you should think about the cost of your deductible. Simply put, a deductible is the amount of money you will pay out of pocket for any damage to your property. You will select the deductible level you want for coverage. Be sure to pick an amount you can afford. The deductible is the amount you’re required to pay before your insurance provider pays for any covered losses.

 The amount of your deductible will affect your premium rates. If you are willing to pay a higher deductible, you could get a lower premium. Alternatively, you might pay a higher premium rate if you choose a lower deductible.

 Make sure you select a deductible amount that you can afford in the event you need to file a claim.

Contact us for all of your insurance needs! 

Buffalo Grove and Lincolnshire residents, at R Hobbs Insurance Agency, we can work with you to make sure you’ve got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at (847) 680-0888 or send us a note at [email protected]. We want to help you meet your goals, and make sure what’s important to you is protected!