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Your home insurance deductible | Michigan home, condo, renters insurance

posted Aug 30, 2016, 12:44 PM by Jason Grubbs   [ updated Sep 14, 2016, 11:33 AM ]
The deductible on your home insurance policy is the amount of money you will be required to pay, out of your own pocket, for any loss covered by your insurance.
Deductible - Michigan Homeowners Insurance

Your deductible can be found on the declarations (front) page of your homeowners policy, which also displays your policy dates, coverage limits, and premiums.

With a home, condo, or renters insurance policy the deductible applies to each individual claim for damages to covered structures or personal belongings.

The deductible is a dollar amount that is subtracted from the amount paid by your insurance company for each covered loss.
If you have a $500 deductible and suffer a covered loss with damages totaling $2,500 then your insurance company is going to pay $2,000.  You will be responsible for $500 of the repair costs.