Is there a deductible with Condo Insurance?

Your policy will include a deductible -- the amount of a covered loss you must pay before insurance payments begin.

With a $500 deductible, for example, you pay the first $500 of each covered loss. Higher deductibles such as $1,000, $2,000 or more are also available.

By increasing your deductible, you can lower your premium. By going to a $1,000 deductible from $500 you can save significantly.

Higher deductibles lower your premium but increase the amount you must pay out of your own pocket if a loss occurs. Ask yourself how much you are willing to pay on short notice in order to save on premium.

As you select your deductible, try to balance the savings with your ability to share in a loss. The trend nationally is toward higher deductibles.

This content is only a general description of coverages and is not a statement of contract. All coverages are subject to the terms, provisions, exclusions and conditions in the policy itself and any endorsements.