Understanding the Waiver of Deductible Clause
It’s likely that you have already determined your deductible on your home and auto insurance policies. But what do you know about the waiver of deductible clause? The waiver of deductible is a clause in your insurance policy that lists situations where you will not have to pay the deductible in the event of a claim. The “large loss” waive of deductible is based on the dollar value of the claim. If the claim exceeds a certain value, the deductible could be waived based on your policy wording and conditions.
Typically, a waiver of deductible would come into play when there is a major loss, such as a home insurance claim where the home has to be rebuilt or there has been significant fire damage. If you have an insurance policy that has a waiver of deductible clause in the wording, you may feel better about taking a higher deductible to save money on your insurance.
Knowing if and when your home insurance policy will waive the deductible can be very helpful in deciding when to increase your deductible to save money. Insurance companies use this as a strategic advantage and value-add to offer clients.
With the right home insurance agent, you can find quality coverage for your needs. When you’re looking for homeowners insurance, contact your insurance professionals at Kneller Agency. Our dedicated experts are ready to assist you with all your home insurance needs.
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