Yes, your insurance company and policy choice will determine whether or not you can waive your deductible after a significant loss.
You should inquire about your policy’s specific waiver amount and whether your insurance company offers a deductible waiver.
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High-end homeowner policies, for instance, offer waivers of deductibles, but the waiver’s maximum amount may be higher—for instance, $50,000.
In contrast, a typical homeowner’s, renter’s, or condo insurance policy may waive the deductible only if the loss is greater than $25,000 or $10,000.
There is no universal standard. Based on their clientele and target market, the insurance company can decide when they will waive the deductible.
When deciding when to increase your deductible to save money, it can be very helpful to know if and when your home insurance policy will waive the deductible.
This serves as a client benefit and strategic advantage for insurance companies.
