The full explanation
You may have a different deductible for each type of coverage. You will find it on the first page of your policy, called the declarations page, along with your coverages and limits. In taxes, the word "deductible" means something else: an expense that can lower the taxes you owe.
An example
A storm damages the roof of Raúl's house. The insurer figures the repair cost, subtracts his policy's deductible and pays him the difference. If the damage had cost less than the deductible, Raúl would have paid all of it.
You will see it in…
- Your insurance policy's declarations page
- The check or payment letter for a claim
- Quotes when you compare insurance
