Deductible

South Carolina Flood Insurance Premiums, Deductibles Rising

Insurance Journal Aug 26 Comment

Flood insurance premiums and deductibles are increasing by about 8 percent for thousands of homeowners across South Carolina. The National Flood Insurance Program is raising monthly premiums ... Copyright 2009 Associated Press. All rights...

Is your MBA tax deductible?

Capital Ideas Aug 22 Comment

A recent article (PDF) in the Georgetown Law Journal explores the ambiguity surrounding deductibility of expenses associated with a MBA program. Generally, educational expenses which qualify the taxpayer for a new occupation are not deductible,...

North Carolina Coastal Insurance Fix Would Alter Deductibles, Limits

Insurance Journal Jun 29 Comment

North Carolina legislators started grappling last week with how to beef up the state-created but underfunded insurance program for coastal property, and immediately confronted the possibility that ...

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This article is part of WikiProject Definitions. Consider editing to improve it. View articles referencing this definition.

A deductible is the amount that a policy holder is responsible for paying per accident before his/her insurance policy kicks in. Deductibles vary by state, but are most often specified in amounts of $100, $250, $500 or $1,000. For most insurance companies, the higher your deductible, the lower your premiums. In other words, if you're willing to pay higher out-of-pocket costs, you can lower the total cost of your insurance. For example, if you are in an accident that causes $7,500 worth of damage and your deductible is $500, you are required to pay $500 before your insurance company takes care of the remaining $7,000.

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