(WWTI) – Tonino Alteri of Grimsley Insurance Agency discusses deductibles in this segment of Ask the Expert.
Alteri explained that deductibles are a way the insurance company shares a portion of the loss with the insured. The deductible is the amount of money that you are responsible for paying toward an insured loss.
In general, the higher your deductible is, the lower your insurance premiums for auto and homeowner’s insurance policies will be.
The deductible generally applies to property damage only, not liability. One way to help save you money and reduce your premiums is by raising your deductible. It’s very important to make sure you’ll be comfortable with that amount.