What is an insurance deductible?

An insurance deductible is an amount of money that must be paid by the insured person before an insurance provider will cover the rest of the insurance claim. In North Carolina, insurance companies will often require that their policyholders pay a certain amount out of pocket before they will cover any medical expenses or other financial losses that result from an event that is covered under the policy. The amount of the deductible is usually specified in the insurance contract, and it is typically the responsibility of the insured person to pay the deductible before the insurance company will cover any additional costs. The deductible is typically a set amount of money that must be paid before the insurance policy kicks in, although some policies may also specify that the deductible is a certain percentage of the total costs that must be covered. Having to pay an insurance deductible can help to lower the premiums for the policy, since the insured person is taking on some of the risk and cost associated with a claim.

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What is an insurance deductible?

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