Choosing Deductibles
Choice of deductible
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Choosing the amount of the deductibles is an important decision for the insured. As with car or homeowners insurance, choosing a higher deductible will lower the premium that is paid, but will also reduce the claim payment.The insured can normally choose different deductibles for Building Property and Personal Property coverage. The deductibles will apply separately to Building Property and Personal Property claims. The mortgage company can require that the deductible is no more than a certain amount.
The insured should always review the Declarations Page in their flood insurance policy for amounts of coverage and deductibles. The insured should always talk with their insurance agent, company representative, or lender about raising or lowering the deductibles.
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