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What is a Home Insurance Waiver of Deductible?

Jun 27, 2019

Homeowners Insurance

What is a Home Insurance Waiver of Deductible?

Can you bypass your home insurance deductible?

When you go to file a claim with your homeowners insurance in Los Angeles, California, you know that you need to pay a deductible before you are able to access your coverage.  However, there are some instances in which your home insurer will waive your deductible.  For instance, if you have a waiver of deductible built into your home policy, then there are certain situations in which you can bypass your deductible payments.  Here's what you need to know about waivers of deductible and what they mean for your home policy.
  • What Does a Waiver of Deductible Do?
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.  The most common type of waiver is the "big claim" or "large loss" waiver which allows you to bypass deductible payments on claims that exceed a certain dollar amount.  For instance, this type of waiver kicks in when you file a claim for major losses, such as total home destruction.
  • Do I Have a Waiver of Deductible?
Waivers of deductible are common in homeowners insurance policies and, if you have one, you should be able to find details about it in the wording of your policy.  If your policy does not currently include a waiver clause, you can speak to your insurance provider about securing one.  Your insurer may also offer you the opportunity to buy additional waivers.  However, you need to be wary when it comes to these additional clauses.  If the cost of the waiver is equal to the savings you'd experience by setting a higher deductible, then taking this step isn't really worthwhile.
  • Are All Waivers the Same?
No; waivers of deductible are based on your specific insurance company.  Some insurers might not offer this money-saving option at all.  The companies that do offer this option will have different rules about which claims qualify for the waiver.  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 your coverage.  Understanding when your insurer will waive your deductible will help you decide when to increase your deductibles to save money on your premiums. This is what you need to know about home insurance waivers of deductible.  Do you have additional questions about your homeowners insurance in Los Angeles, California?  If so, then contact the experts at Fuller Insurance Agency in Southern California.  We are ready to assist you with all your home coverage needs today.
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