A deductible is the amount of a covered claim that is your responsibility. It can vary and may be either a dollar amount or a percentage. Let’s say you have a deductible of $500; this means if you have a covered claim, you are responsible for the first $500 before insurance begins to cover the loss.
Your premium is how much you pay for coverage. Typically, the higher your deductible, the lower your premium payment, and vice versa. A lower premium may be nice for your wallet but remember to choose a deductible you can afford in the event of a loss. One of our agents can help you choose the coverage that’s right for you.