What is deductible?
Deductibles place responsibility for the initial cost of certain claims-and some of the risk-back on the insured. Basically, a deductible is the amount you, must pay out of your pocket before the insurance company will step in and pay for the loss of your property. Your deductible has direct effect on the amount of your premiums. The higher the deductible-that is, the more you have to pay out of your pocket-the lower your premiums will be.
