Deductible Questions

8/1/2019 (Permalink)

When SERVPRO of Southern McHenry County is called to a home or business to clean up from a broken pipe, water back up, roof leak or mold clean up (just to name a few examples), sometime there is a deductible to collect.  What exactly is a deductible.  We went to the Farmer Insurance website for a explanation.

"What is a deductible?
A deductible is the amount you’re responsible for in the event of a covered loss. In most covered loss cases, you are responsible for any amounts up to your deductible level and your insurance would cover anything beyond that up to your coverage limit. For example, if you select a $1,000 deductible and have a $4,200 covered loss, you would receive a claim payment of $3,200 after deducting the $1,000.

A homeowners deductible applies to each claim. If you have more than one claim in a policy period, you will be responsible for the deductible amount for each individual claim regardless of the number of claims you have during that policy period."

(Source: http://www.farmers.com/faq/home/#deductible)