What Are Insurance Deductibles?

what are insurance deductibles

A disaster like a fire or flood can cause significant damage to a home or business. The proper restoration and replacement of damaged property can be costly.  In many cases, insurance will cover the cost of these repairs. This is often true if the disaster is caused by a fire or flood from a plumbing problem, storm damage or sewage backup. Most insurance providers will cover the damaged property, less the deductible. But, what are insurance deductibles?

An insurance deductible or deductible amount, is the amount of out-of-pocket expenses that you will need to pay towards these repairs. Your home insurance deductible is also outlined in your homeowner’s insurance. Any costs beyond the deductible amount, will be covered by your insurance provider.

Insurance deductibles, out-of-pocket expenses, and homeowner’s insurance vary from policy to policy. You should contact your insurance company directly about your specific policy as policies vary carrier to carrier to best understand what your deductible amount is.

Many Disasters in the Home Are Covered by Homeowner’s Insurance

Some of the most common sources of a disaster in the home include a fire, leaking pipes, overflowing or malfunctioning toilets or damage resulting from a storm. In these scenarios, typically the insurance company will cover the cost to repair the property and restore it to its pre-disaster condition. After the disaster, you will need to contact the insurance company immediately to begin the process of filing a claim for the damage. They will then give you the green light to hire a restoration company and begin the process of making necessary repairs to the property. It’s best to choose a restoration company, such as Woodard, that has experience in working with insurance.

Once the restoration is approved by the insurance company, the property owner will pay a deductible. This amount will go towards the repairs. Any expense above and beyond the deductible will be paid by the insurance company.

Gradual Water Damage is Often Not Covered by Insurance

Water damage that is the result of neglect, such as pipes leaking for an extended period of time or a leaky roof that has been left unaddressed, is often not covered by homeowner’s insurance.  In this case, the full amount of the restoration will need to be paid by the property owner. This damage, which will certainly worsen with time, is considered lack of maintenance.

In the event of a disaster in your home or business, the insurance deductible is often a very nominal piece of the entire price to restore the property and your belongings.

*Homeowner’s insurance coverage varies from policy to policy.  You should contact the insurance company directly about your specific policy as policies vary carrier to carrier.

For personal insurance support during your property loss at your home or business, contact the professionals at Woodard. We’re here to help, answer questions and provide you with support. To get in contact with us, please submit a form online or call us at 314-227-3932.

About Woodard Cleaning & Restoration

Woodard Cleaning & Restoration was founded in 1946 by Earl and Nancy Woodard. Located in St. Louis, Missouri, Woodard services the greater metro area (Illinois, St. Charles County, Jefferson County, St. Louis County, and many more). Woodard is proud to serve as the preferred provider for cleaning & restoration services. Our cleaning services include carpet, hard surface, furniture, and rug cleaning for both residential and commercial properties. We also provide water, fire, board-up, storm and smoke restoration services for residential and commercial clients. For information or questions submit a form online or call us at 314-227-3932.

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Updated 6/18/2021