Flooded streetLike most types of property insurance, it is likely you will need to set a deductible for your flood insurance policy. A deductible is the amount of money you will pay out-of-pocket when a claim occurs before the insurance company pays the remainder of that claim. There are a few things to keep in mind as you consider your options for deductibles, as well as ensuring that your property remains protected throughout this time.

How Do Deductibles Work?

A deductible will apply to your flood insurance. In most cases, this deductible is set for both the building and the contents separately. This means that you will have two deductibles to meet before your insurance plan kicks in, depending on the type of loss you’ve suffered. Here’s what you need to know.

  • Deductibles are set by you at the time of selecting the policy. You will want them to be affordable to you beyond anything else. Select an amount that you feel comfortable paying at any given time.

  • The higher the deductible is, the more affordable the premium payment the policy will have. Therefore, you should try to keep the deductible as high as possible without it being too difficult for you to pay out-of-pocket.

  • Deductibles may also be in place for other insurance products you have. For example, if you have flood insurance that pays for water damage, but you have home insurance to cover structural damage after the storm, you may need to meet two deductibles before your coverage comes into play.

When setting a deductible, focus on how much you can pay out of pocket at any given time. For example, if a flood occurs and damages the carpeting and furnishings in your basement, how much cash on hand do you have to pay for such losses? It should always be an amount you feel comfortable knowing is available to you to pay off the first portion of your claim and to restore your home into the condition it was. Your insurance agent can also help you to choose the right type and amount for your specific needs. Be sure to consider all policies you have when selecting this.

We’re here to help. Call RV Johnson Insurance at (561) 745-8894 for more information on Stuart FL flood insurance.

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