Do homeowners insurance policies have deductibles?
The deductibles you might have
- All other perils. A flat amount for most property losses, such as fire or a burst pipe.
- Windstorm or hail. Applies to wind and hail losses, which includes most roof claims. It can be flat or a percentage.
- Named storm or hurricane. More common in coastal counties, and triggered only by a named storm.
- Add-on coverages. Some endorsements carry their own deductible.
Where to find them
Your declarations page lists each deductible near the coverage limits. A percentage is calculated on Coverage A, not on the claim. If it says 2 percent and Coverage A is $350,000, your roof claim deductible is $7,000.
How a deductible is applied
Once per occurrence, subtracted from the total covered loss. You never write the insurer a check for it. The insurer pays less, and you pay that share to the contractor doing the work. A Georgia contractor cannot legally waive or rebate it. See percentage deductibles and can a roofer pay your deductible.
Coverages without one
Personal liability and medical payments to others usually have no deductible, because they pay other people for injuries or damage you are responsible for.
Choosing yours
A higher deductible lowers the premium. Pick an amount you could actually pay the week after a hailstorm, and recheck it at each renewal, since a percentage grows when Coverage A goes up.