The Benefits of No Deductible PoliciesCamisha Ballard
If you have ever purchased insurance, you may have heard the term ‘deductible’ before. Deductibles have been an essential part of the insurance contract for many years, and it works in the same manner for event insurance policies. Understanding the role deductibles play when insuring your event is an important part of getting the most out of your policy.
What is a Deductible?
By purchasing insurance you are asking the insurance company to “have your back” if you suffer damages that could hurt you financially, so think of deductibles as sharing the risk between yourself and the insurer. A deductible is the amount of money that you are responsible for paying toward an insured loss. When a disaster strikes at your event, the amount of the deductible is subtracted or “deducted” from your claim payment. After you meet your deductible, your insurer starts paying the remaining portion of the claim. For example, if your policy states a $250 deductible and your insurer has determined that you have an insured loss worth $5,000, you would receive a claims check for $4,750.
Do All Policies Have a Deductible?
The answer is that it depends on the insurance company. You may have heard of a zero dollar deductible policy, however, a “No Deductible” policy has become a unicorn in the insurance world as they are hard to find. If you do find a “No Deductible” policy (you found us so that means you found one!) then the insurance company will cover the full amount of the claim and you do not have to pay for any costs out of pocket.
Two Major Benefits
- The insured (you) do not have to worry about the financial burden of a possible claim.
- The venue prefers $0 deductible policies because it makes it easier to file a claim for small property damages that would traditionally have to be paid for out of the deductible.
Is A $0 Deductible Policy Right For You?
If the above benefits and having the ability to protect your event without additional costs is important to you, then a zero deductible policy might be right for you. Luckily, as you probably guessed by now, this unicorn policy is closer than you think. With Eventsured, all of our policies have $0 deductible! Get a fast and FREE online quote in minutes by visiting our website www.eventsured.com