There may be some question dealing with deductibles and claims. Elzey Insurance would be more than happy to clear up any concerns you may have!
Your deductible is the amount you pay out-of-pocket toward the amount of your loss, the insurance company then pays the balance and it has a direct impact on whether you should submit your claim or not.
Let’s say you suffer $3,000 of damage to your home under a covered claim. And let’s say your deductible is $1,000. In this case you pay $1,000, and your insurance company pays the remaining $2,000. Clearly, if the amount of your loss is less than your deductible there’s no point to submitting your claim. You’re going to pay it all anyway, so why report it?
For example, if your deductible is $1,000 and your suffer $800 in damages, then your insurance company isn’t going to pay anything. The amount of damage is less than your deductible. You’re responsible for the first $1,000, so you’re responsible for the full $800 in this case.
But here’s where it gets a little tr ...