Because a storm brought water into their house. They have a $1,500 insurance deductible, but because the damage cost more than $25,000 and the policy covers losses of more than $25,000 with a large loss waiver, they are not required to pay the deductible in the claim.
They were pleased that the insurance policy had a low waiver of deductible limit and that they had saved money by choosing a higher deductible.
John saved a lot of money on insurance thanks to the combination of these two things.
It can be hard to understand what disappearing, loyalty, or vanishing deductibles mean. The dollar value of the waived deductible is one way to comprehend the distinction.
Also available from some insurance companies are disappearing deductibles.
A disappearing deductible occurs when the insurance company reduces your deductible payment by a predetermined percentage or dollar amount for each year that you do not have any claims.
