What is a deductible in a homeowners insurance policy?
How it is applied
The insurer calculates the approved loss, then subtracts the deductible. Hypothetical example: a roof estimate of $13,000 with a $2,000 deductible means insurance pays $11,000 in total and you pay the roofer $2,000. On a replacement cost claim with held back depreciation, the deductible usually comes out of the first check.
Per occurrence, not per year
Homeowners deductibles generally apply to each separate loss. Two different storms in one season are usually two claims and two deductibles. Damage from one storm to the roof, gutters and siding is one claim with one deductible, so put everything from the same event on the same claim.
Types you may see
- All perils deductible: a flat dollar amount for most claims.
- Wind and hail deductible: sometimes a separate flat amount, often a percentage of your dwelling coverage. See percentage deductibles.
- Special deductibles: some endorsements, such as earthquake coverage, carry their own.
Where to find it
Your declarations page lists every deductible. If you see "windstorm or hail" with a percentage, that is the one that applies to most roof claims.
Rules that protect the claim
You must actually pay your deductible. In Georgia, a contractor may not waive, pay or rebate it. Also note that the deductible is separate from depreciation; read ACV vs RCV to see why your first check can be smaller than the estimate minus the deductible.