Clark-Mortenson

A deductible is the first dollar amount of a loss covered under the property section of your policy that you are responsible to pay, before your policy will respond. Your deductible represents the amount of risk you are willing to take on your own, before the insurance company assumes the risk and pays. Choosing a higher deductible will reduce your premium; however, be sure to weigh the premium savings against your ability to pay the out of pocket expense at the time of a covered loss.