If you have homeowners’ insurance, you might have heard about deductible waivers and wonder what they are. At Henderson Anderson Insurance, we provide our clients with homeowners’ insurance in Glendale, AZ. We’ll use this space to discuss these waivers.
Quite simply, a deductible waiver is a clause in homeowners’ insurance policy that lists a range of various situations in which you will not have to pay your deductible in the event of a claim.
A waiver that’s known in the industry as a “large-loss waiver” is based on the value of the claim. Depending on the wording and conditions in your policy, you may not have to pay the deductible if your claim is beyond a specific value. These waivers are not commonly known about but can lead to significant savings for a homeowner during a claim. They are very useful in the case of a substantial loss, such as the destruction of a house by fire. If your policy is has a deductible waiver, you might consider taking a higher deductible to save money on your homeowners’ insurance policy.
These types of waivers are useful if you have them, so it’s always a good idea to look through your policy or ask your agent.