What is a mobile home insurance deductible?
Mobile home insurance is similar to homeowners insurance in that it offers personal property coverage, personal liability coverage and medical payments coverage. When a claim is presented, often a deductible is withheld from any payments made to the insured.Deductibles A deductible can be $100, $250, $500 or $1,000, depending on which option you choose when selecting a policy. This amount must be paid to a contractor by the homeowner in the event of damage and the need for repairs, and the insurer pays the balance of the claim if the damage is a covered event.Premium AffectChoosing a lower deductible raises your premium. Conversely, choosing a higher deductible will lower the policy premium. Deductibles discourage an insured individual from making small claims. For example, if your claim is $400 and you have a $500 deductible, you will not need to file a claim as you are responsible for the full $400. If your claim is $600, it would not be worth the $100 claim payment in the long run a
