You won’t pay your deductible to the insurance company like a bill. Instead, it’s subtracted from the amount the insurance company pays. You pay the rest of the money (your deductible) to the person or company hired to fix the damage.

Who is responsible for paying the deductible?

Homeowners are responsible to pay their deductible before the insurance company pays a claim. Some homeowners insurance policies state the deductible as a dollar amount or as a percentage, normally around 2%. Dollar amounts are based on individual claims.

Does home owners insurance have a deductible?

Most homeowners and renters insurers offer a minimum $500 or $1,000 deductible. Raising the deductible to more than $1,000 can save on the cost of the policy. Of course, remember that in the event of loss you’ll be responsible for the deductible, so make sure that you’re comfortable with the amount.

Does the policyholder pay the deductible?

In an insurance policy, the deductible is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses.

Do you have to pay a homeowners insurance deductible?

You must pay a homeowners insurance deductible before you can make claims on any damaged or stolen property that’s covered by your policy. While every home insurance policy comes with a deductible, you do have some power in choosing the deductible amount.

What is the deductible for homeowners insurance for siding damage?

You pay the rest of the money (your deductible) to the person or company hired to fix the damage. For example, if your deductible is $500 and you file an insurance claim for $5,000 worth of damage to the siding of your home, your insurance company will pay you $4,500 for that claim.

Who is responsible for paying home insurance claims?

The owner of the property: If you are the homeowner, you will get the claim check payable to yourself if you are the sole owner of the property. This applies for your personal contents in the home. Learn more about home contents and making a list here.

What happens if damage to your home is below your deductible?

If your property suffers minor damage that costs $490 to fix, your insurer’s going to pay nothing because your claim is below your deductible. In this case, you shouldn’t even file a claim. If the damage to your home is much worse, and the bill comes in at $12,000, you have to pay $500 and your insurer pays for the remaining $11,500.