homeowners deductibles

Might be a dumb question, but i have never had to do a claim before.

If you have a deductible of say $1000 that you lay out... do you get reimbursed for that later? Or is that money just gone?

Re: homeowners deductibles

The easy way to look at deductibles is as the dollar amount YOU are responsible for before the insurance "kicks in".

So yes, you are responsible for the $1000, then (as long as it's a covered loss) the ins co will pay the balance.

You won't get that $1000 back unless there are extenuating circumstances, like a service worker caused the damage and then your ins co will subrogate against him/the service co to get both their money AND your deductible back.

HTH

Re: homeowners deductibles

Posted by Shorty

The easy way to look at deductibles is as the dollar amount YOU are responsible for before the insurance "kicks in".

So yes, you are responsible for the $1000, then (as long as it's a covered loss) the ins co will pay the balance.

You won't get that $1000 back unless there are extenuating circumstances, like a service worker caused the damage and then your ins co will subrogate against him/the service co to get both their money AND your deductible back.

HTH