Why do I have a deductible?

Why do I have a deductible?

Deductibles serve several functions. Shifting the cost of small claims to the person buying the insurance (insured) Enables the insurance company to reduce premiums. Adjusting claims for small amounts often costs more than the value of the claim. A deductible on a policy gives the owner of the property some degree of responsibility to protect […]

Deductibles serve several functions.

  • Shifting the cost of small claims to the person buying the insurance (insured)
  • Enables the insurance company to reduce premiums.
  • Adjusting claims for small amounts often costs more than the value of the claim.
  • A deductible on a policy gives the owner of the property some degree of responsibility to protect his/her property.
  • The cost of insurance would be much higher if there were no deductibles.
  • The higher the deductible, the lower the premium.

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