The deductible associated with your great Florida insurance policy is the amount that you are required to pay in the event of a claim before the insurance company pays. You can choose whether your insurance policy has a high or low deductible. Both high and low deductibles have positive and somewhat negative impacts on your policies.
If you choose a high deductible…
If you choose a high deductible for your Florida insurance policy, you will end up having a lower premium, which is positive. However, in the case of a claim, you will get less money back. If the amount of your claim is less than the deductible, then you will have to pay out-of-pocket. If you need to save money on your premium, you can accomplish this by raising your deductible.
If you choose a low deductible…
If you choose a low deductible for your Florida insurance policy, you will end up having a higher premium. However, in the case of a claim, you will get more money back, which is definitely positive. If you would rather pay more money on your premium and pay less in the case of an unexpected accident that leads to a claim, you can accomplish this by lowering your deductible.
If you choose a low deductible for your Florida insurance policy, you will end up having a higher premium. However, in the case of a claim, you will get more money back, which is definitely positive. If you would rather pay more money on your premium and pay less in the case of an unexpected accident that leads to a claim, you can accomplish this by lowering your deductible.
Standard Home Deductibles…
-All Other Perils: $1,000
-Hurricane: 2% of the insurance value of your home
*Because we live in a state with high risk of hurricanes, Florida home insurance policies have a separate deductible for hurricane damage.
If you have more questions about your great Florida insurance policy deductibles, contact Westgate-Jones Insurance Agency today at 352-787-7548 and check out our website.