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I've never heard of diminishing deductible for homeowners. Some states do not allow it - period - even for auto.
I work in insurance and am always surprised at the questions people ask or things they think are true - like "I already met my deductible for the year". Ask a lot of questions when you buy a policy, people.
To answer the OP, you pay your deductible the day you buy the policy, if you should happen to have a loss then.
I've never heard of diminishing deductible for homeowners. Some states do not allow it - period - even for auto.
I work in insurance and am always surprised at the questions people ask or things they think are true - like "I already met my deductible for the year". Ask a lot of questions when you buy a policy, people.
To answer the OP, you pay your deductible the day you buy the policy, if you should happen to have a loss then.
I think the wedge in understanding is that YOU are versed in that field. Where as the client is not.
What appears to be a "silly" question or assumption to you , is a concept the client may have leaned towards all these years. You are there to clarify and sometimes educate them on the policy presented.
I seriously had only a gleening of understanding of Home owners insurance and claims, til Yes it had to be used. two claims in and we get a letter that they were dropping us. We were referred to a HIGH risk insurer.
Two separate drivers, hit the side of our home. Short of putting up steel beams and bumpers around our home ....we didn't have a clue what to do. We were ignorant in thinking the drivers insurance would cover the entire damage. Pffftt....Boy did we learn a hard lesson . Can't get blood from a turnip.
Anything under the $2500 and you'll pay it all. Anything over and you'll pay the first $2500 and the ins co will pay the rest.
It isn't yearly, it's per claim.
Some insurance companies have what they call a disappearing deductible, which means that if you have enough time with no claims they will waive the deductible. It sounds as though your carrier doesn't have that.
Quote:
Originally Posted by blue777
I am with allstate.
That disappearing deductible thing isn't automatic. You have to buy that product.
I think the wedge in understanding is that YOU are versed in that field. Where as the client is not.
What appears to be a "silly" question or assumption to you , is a concept the client may have leaned towards all these years. You are there to clarify and sometimes educate them on the policy presented.
I seriously had only a gleening of understanding of Home owners insurance and claims, til Yes it had to be used. two claims in and we get a letter that they were dropping us. We were referred to a HIGH risk insurer.
Two separate drivers, hit the side of our home. Short of putting up steel beams and bumpers around our home ....we didn't have a clue what to do. We were ignorant in thinking the drivers insurance would cover the entire damage. Pffftt....Boy did we learn a hard lesson . Can't get blood from a turnip.
Please point out where I said it is a silly question. What I said was when you buy a policy ask a lot of questions.
I've heard of that with some auto insurers, but not on homeowners insurance policies. What companies have a "disappearing deductible" for one's home insurance policy?
Agree.
Quote:
Originally Posted by spencgr
You selected the deductible amount when you bought the insurance policy. If you thought it was high, you should have gone with a lower amount.
Yep.
It makes sense for OP to pay out of pocket and not use insurance on this small claim. My husband lost his wedding band once and I called to ask about it. They said it would raise our rates 3 of the next 5 years. Made no sense to file and I dropped all those small items off the jewelry rider.
I work in insurance and am always surprised at the questions people ask or things they think are true - like "I already met my deductible for the year". Ask a lot of questions when you buy a policy, people.
So this is something I would have thought was true, that the deductible was per policy year. You're saying it is per claim?
Last edited by CarolinaMoon1; 07-15-2021 at 06:57 AM..
So this is something I would have thought was true, that the deductible was per policy year. You're saying it is per claim?
Yes the deductible is per claim. Each claim is a separate event and thus the deductible is applied to each one. The only time this would not happen is if you had one event, but say discovered damages later on after initial damages were fixed. For example, you get siding damages from a windstorm. You pay the ded and the damages are fixed. A few weeks later you notice the roof was damaged also. The insurance company would view that as a single event and you would not have to pay another deductible.
So this is something I would have thought was true, that the deductible was per policy year. You're saying it is per claim?
Yes, per claim. For medical insurance, it is per year though.
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