Can the insurance company change my deductible to a percentage deductible (ex: 1% of Coverage A) instead of my previous flat deductible (ex: $500)?
This is allowable if your insurance company has had this change approved by the State Board for Property & Casualty Rates. Ask your carrier if you have the option of buying back your flat deductible as most companies will give you the option. The percentage deductible was implemented to keep premiums down but it may cost you more if you have a loss. Feel free to call our office and we will be happy to verify if this change has been approved.
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