What is a deductible?
A deductible is the portion of the claim you are financially responsible for before your insurance company makes a payment towards your claim. For example, if the deductible associated with your home policy is $1,000 and your claim is for $5,000, you are responsible for the first $1,000 and BF&M will pay $4,000 (the balance).
It is important to note, deductibles apply per event/loss.
As well, a higher deductible may lower your monthly payments, but it also means you'll pay more in the up-front lump-sum when you make a claim, so it's important to choose the deductible that makes sense for you. To get more information on choosing the right deductible, call +1-441-295-5566 and one of our agents will be happy to advise you.