What Is An Insurance Deductible | Insurance Basics

What Is An Insurance Deductible? In this video, we will explain what an insurance deductible is and why it is essential for you to understand.

- Insurance deductible: a distinct concept from tax deductibles.
- Deductible explained in context of insurance contracts.
- Purpose: insurance company pays after deductible is met.
- Example: Home insurance with $100,000 loss, $1,000 deductible.
- Insured pays deductible ($1,000) before company pays ($100,000 - $1,000).
- Deductibles vary in insurance types (health, car, home).
- Can modify deductibles to affect premium costs.
- Increasing deductible lowers premium, shifts more cost to insured.
- Lowering deductible reduces insured's burden, increases premium.
- Deductible = amount insured pays before company covers loss.

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🕰VIDEO TIMESTAMP🕰
00:00 What Is An Insurance Deductible
00:20 Into
00:49 Insurance Deductibles
01:02 Insurance Deductible Definition
01:19 Insurance Deductible Example
02:04 Alter Insurance Deducible
02:10 Lower Homeowners Insurance Rate
02:37 Outro
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Title: "What Is An Insurance Deductible | Insurance Basics"
Transcript: "deductible when used in certain ways it's a great thing as in tax deductible means you get to take it off your taxes but when it comes to Insurance it means something completely different and sometimes it's a little confusing so in today's video we're going to discuss what is an insurance deductible let's get after it hey folks Jack Wingate here and on this channel we give individuals families and businesses tips tricks and strategies to help you save money on your insurance help you understand Insurance a little bit better and let you know what's going on in the insurance industry and today's topic is about one thing and one thing only and that is deductibles what is an insurance deductible well it's simple every single insurance contract that I know of has or can have a deductible but what does that mean well a deductible is this the insurance company promises to pay a certain amount of money or to make you whole in case of a loss once you meet your deductible what happens in health insurance car insurance home insurance so let's run through an example I have a home and my homeowner's insurance includes a homeowner's insurance deductible let's say my house burns down and it is a hundred thousand dollars to replace it but the insurance company has a one thousand dollar deductible and what that means is I the insured have to pay one thousand dollars until or before the insurance company is going to pay out so one hundred thousand dollars minus my one thousand means the insurance company is going to pay out drum roll please let's do a little math so that is what a deductible is it's basically your portion of paying for a loss now deductibles can be used and altered to either take less of the burden off of you or increase your burden which would lower your insurance premiums and we've done a video and we'll link it I think up here that talks about how to lower your homeowners insurance and one of those things is by increasing your deductible so if you boil it all down an insurance deductible is just what you're responsible before before an insurance company is going to pay for your loss I hope this has been beneficial maybe you learned a little something today if you didn't check out some of our other videos until the next time we'll see you"