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? asked in Business & FinanceInsurance · 4 years ago

Is it true that property insurance deductibles are not paid upfront?

As it states in the paragraph under "Homeowners Insurance Deductibles"?

https://www.valuepenguin.com/choosing-homeowners-i...

And if so, is this consistent or can it change dependent on the insurance company?

I reside and plan to do business in the state of Florida... (Landlord's insurance, not homeowners).

1 Answer

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  • Judy
    Lv 7
    4 years ago

    You don't pay the deductible unless you have a claim. You pay the insuraance premium up front. If you have a claim, the insurance doesn't py you for the amount of your deductible. For example, if you have a claim for 2000 damage and your deductible is $500, they'd only pay you 1500.

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