What is a deductible and who pays for it?
[A: A deductible is an amount which a policyholder agrees to pay, per claim or per incident, toward the total amount of an insured loss. For example, if you incur a loss and your insurance company determines that repairs for the damages are going to cost, $1000.00 and your policy has a $250.00 deductible, your insurance company will pay $750.00 and it will be your responsibility to pay the remaining $250.00 balance to the contractor.
