Can you waive your home insurance deductibles?

Many homeowners are worried about filing insurance claims because they do not want to pay their deductible.  But did you know that there are certain situations in which you can bypass your deductible payment and still access your coverage?  This can happen if you have a waiver of deductible in your home insurance policy.  Here's what you need to know about this special insurance clause. A waiver of deductible is a clause in your home insurance policy that lists certain situations in which you do not need to pay your deductible to access your coverage.  For instance, the "big claim" or "large loss" waiver of deductible allows you to bypass deductible payments on claims that exceed a certain dollar amount.  This type of waiver kicks in for major losses, such as your home being completely destroyed by fire. Waivers of deductible are common in homeowners insurance policies.  You will be able to find details about your waiver in the wording of your policy.  Your insurer might also offer you the opportunity to buy additional waivers.  However, you need to be careful when it comes to these additional waivers.  If the cost of securing the waiver deductible is equal to the savings of setting a higher deductible, then taking this step isn't really worthwhile. Waivers of deductible are based on your specific insurance company.  In fact, some home insurance providers may not offer this money-saving option at all.  The companies that do offer waivers will have different rules about which claims qualify.  This is why, if your policy does offer a waiver of deductible, you should speak to your insurance provider to learn about the specifics of this clause.  Understanding when your insurer will waive your deductible will help you decide when to increase your deductible amounts so you can save money on your premiums. This is what you need to know about homeowners insurance waivers of deductibles.  Do you have additional questions regarding your home coverage?  If so, then contact the experts at Weeks & Associates Insurance Services in Thousand Oaks, California.  We are ready to assist you with all your home coverage needs today.