What is an insurance deductible waiver?

An insurance deductible waiver is a provision of a North Carolina insurance policy that allows a policyholder to be released from paying the deductible in the event of an insurance claim. A deductible is the amount of money that the insured must pay out-of-pocket before the insurance company pays any of the claim. The deductible amount and the level of coverage is established by the policyholder when they purchase the insurance policy. A deductible waiver is generally used to help the policyholder out in the event of a catastrophic loss, such as a fire or major storm. In some cases, the deductible waiver might cover the full amount of the deductible, while in other cases it might only cover a portion of the deductible. In North Carolina, insurance companies are required to provide their policyholders with a waiver of deductible, and the policyholder must opt-in to the waiver in order to have it applied to their policy. The deductible waiver can provide much-needed relief to policyholders who suffer a catastrophic loss. It can help them recover financially and provide financial protection as they rebuild their lives.

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What is an insurance deductible waiver?

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