What is a car insurance deductible? The deductible is the amount that you will absorb to fix the damage to your car if you are in a collision that is YOUR fault. Having a deductible reduces your premium. The higher the deductible, the less your premium is. A standard MA car insurance deductible is $500 but often times people go with a $1,000 deductible to reduce their premium even more.
What is a homeowners insurance deductible? A MA homeowners insurance deductible again is the amount you will absorb in the event of damage to your home. A standard MA deductible is $500 or $1,000 but a higher deductible can be purchased. The higher the deductible, the less your premium.
How does a homeowners insurance deductible work? A homeowners insurance deductible works the same way as a car insurance deductible. Let's say your roof leaks and causes $2500 worth of damage to your walls and carpet. You have a $500 deductible. The insurance company will pay out $2,000 ($2500 minus your $500 deductible). There are other factors that can determine exactly how much will be paid out but generally, this is how it works. Again, there is NO deductible for a liability claim. For instance, if your neighbor trips on your property and decides to sue you.
We hope this has helped you understand more about MA car insurance and MA homeowners insurance deductibles. It can be very confusing! We're always here to help and to educate our clients so please contact us at (978) 562-3464 if we can be of assistance to you. Or reach out to us on our website: www.tesearsinsurance.com.
Thomas E. Sears Insurance Agency, Inc.
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