Definition: A deductible is the amount you pay toward a covered property loss before the insurer pays.

Why it matters for salons and spas

Higher deductibles usually lower premiums; separate wind, hail or named-storm deductibles may apply in some states.

Example

A salon with a higher property deductible pays more after a small water leak but saves on premium.

Related terms

Named-Storm Deductible · Replacement Cost

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