As a homeowner or business owner, it is essential to understand the concept of a franchise deductible and how it can affect your insurance policy. We will explore the meaning of a franchise deductible, its differences from an ordinary deductible, and how it can impact your insurance coverage.
A franchise deductible is a minimum amount of loss that must be incurred before insurance coverage applies. This deductible is different from an ordinary deductible in that once it is met, the entire amount of the loss is paid, subject to the policy limit.
While a franchise deductible may seem like an additional expense, it can provide several benefits: Increased Coverage: By meeting the franchise deductible, you can increase your coverage and ensure that you are fully protected in the event of a loss. Reduced Premiums: Insurance companies often offer lower premiums for policies with a franchise deductible, as they are less likely to pay out for small claims. More Control: With a franchise deductible, you have more control over your insurance policy and can choose the level of coverage that best suits your needs.
At ARR Contractors, we understand the importance of a franchise deductible and how it can impact your insurance policy. Our team of experts is dedicated to helping you navigate the insurance claims process and ensuring that you receive the coverage you need. Contact us today to learn more about our services and how we can assist you in managing your insurance claims
Self insured retention. Deductible – is an amount of money, specified in an insurance policy, that the insured must pay before the insurance company will
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