BC Tenant Insurance – Deductibles and Which you Should Select



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This is a part of our Viewer Response section where we answer actual client insurance questions. This question is:

Can you explain what a deductible is and what it means to pick different kinds of deductibles?

TRANSCRIPT:
A deductible is the portion of the loss that you must retain and pay before your home insurance policy will respond. For example, if your $2,500 laptop is stolen and you have a $1,000 deductible, your home insurance provider will pay $1,500 towards the replacement of your stolen laptop.

Most home insurance providers offer deductibles ranging from $250 to $5,000. As a general rule of thumb, you should select the highest deductible amount that you feel comfortable with. The reason is that the higher the deductible you select, the lower your home insurance premiums will be.

It's important to note that often home insurance policies will have several deductibles. For example, there may be a standard policy deductible, a deductible for glass losses, and a deductible for earthquake losses. Again, most providers will offer a range of deductible for you to choose from.

In the case of earthquake deductibles, be prepared that they tend to be significantly higher than all other types of deductibles. If an earthquake deductible is referred to a percentage, then it likely means a percentage of your total coverage amount, not a percentage of the loss you suffer.

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