What is a Waiver of Deductible?

Waivers of deductible and your homeowners insurance.stacks of coins next to wooden house model

If you have homeowners insurance, then you know that you have to pay a set deductible amount before you can access your coverage.  However, there are some instances in which you do not have to pay your deductibles.  For instance, if your policy includes a waiver of deductible clause, then you might be able to bypass your deductible payment for certain claims.  Here’s what you need to know about this special homeowners insurance feature.

What is a waiver of deductible?

A waiver of deductible is a clause in your home insurance policy that lists certain situations in which you do not need to pay your deductible to access your coverage.  The “big claim” or “large loss” waiver of deductible allows you to bypass deductible payments on claims that exceed a certain dollar amount.  For instance, this type of waiver kicks in for major losses, such as your home being completely destroyed by fire.

How do I know if I have a waiver of deductible?

Waivers of deductible are common in homeowners insurance policies.  You will be able to find details about your waiver in the wording of your policy.  Your insurer might also offer you the opportunity to buy additional waivers.  However, you need to be wary when it comes to these additional forms.  If the cost of the waiver deductible is equal to the savings of setting a higher deductible, then taking this step isn’t really worthwhile.

This is what you should know about waivers of deductible on your home insurance policy.  Do you have additional questions regarding your homeowners coverage?  If so, then contact the experts at Desert Empire Insurance.  We are ready to assist you with all your coverage needs today.