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Everything You Need to Know About Insurance Deductibles in Florida

Most insurance coverage comes with a pre-determined deductible.  If you are new to the insurance market, you may not have heard of this before, or be aware of what exactly it involves.

Here is our easy to read guide to insurance deductibles and how to make them work for you.

What Is an Insurance Deductible?

An insurance deductible is an amount of money that you need to pay yourself in the event of a claim before the insurance coverage starts to pay their share of the claim amount.

It is the financial obligation you agree to when any insurance coverage is set up on your behalf, and it must be paid before the insurance provider pays out on any claim you may have made against your coverage.

In simple terms, you pay your deductible and the insurance company pays the rest – subject to any policy limits and conditions.

How Do Deductibles Work?

When you first agree to buy an insurance product you are effectively protecting yourself against any future losses that you may incur.  The deductible part of the deal is the money you pay out of your own pocket to cover the loss, and the insurance company will then cover the remaining amount.

In theory, the higher the deductible, the lower the insurance rate will be, as you are footing some of the cost of the loss yourself.

How Much Will My Deductible Be?

This very much depends upon what you are insuring and how much you are insuring it for. Deductible amounts also vary depending on your own circumstances and the how much of a risk your insurance provider deems you to be to them.

Depending on your age, circumstances and credit history you may be able to keep your monthly insurance rates down by increasing the amount of risk you are willing to cover yourself – the deductible.  But, this is not always the case, so you should speak to your insurance agent before you commit to a higher deductible for any insurance product.

How Do I Know How Much My Deductible Will Be?

The amount you have agreed to pay before the insurance provider covers any additional losses will have been agreed at the start of the policy contract.  You should, therefore, check the terms and conditions on the declaration page of your insurance policy to find the amount that you will be required to pay in advance.

Do I Always Have to Pay A Deductible?

In some cases, you may be able to find a policy that will waive your side of the risk by offering a deductible free promotion or a loyalty waiver of some kind.   In this instance, the cost of the deductible may already have been added to the overall cost of the policy, meaning you are not really saving any money in the long term.   These types of waivers are generally found in high-value homeowner policies.

Need Further Advice on Deductibles?

Speak to one of our insurance agents at The Sena Group today, and we will be able to advise you on how to keep your deductibles and insurance coverage as cost-effective and as comprehensive as possible.

 For more information about how The Sena Group can help you with any

of your insurance needs, please contact us at 561-391-4661.

We can be found on Social Media at the following links.


The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487