What Is Deductible On Home Insurance?

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   David Osgood

   Agent, Rural Mutual Insurance Co., Union Grove, WI

   A deductible for homeowners insurance is typically the amount of financial responsibility that the insured is willing to accept in the event of a claim. i.e. you have a five hundred dollar deductible, lightning strike the roof of your home and the claim amount is one thousand dollars. The claim settlement amount would be five hundred dollars from the carrier. The insured would be responsible for the first five hundred dollars.

   Answered on October 8, 2013

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