What's the deductible? How does it work?
First of all, the deductible is the portion of the claim that you are responsible for. But in these types of policies (homeowners, commercial property) the deductible is subtracted from the total amount of the estimate or “replacement cost value”. Many people think they have to lay out the money for the deductible right away which is not true. Only a few insurance companies do this, because they have changed their policies, I will explain that in the next post.
For example, the insurance company agrees that the damages are $20,000, then they subtract your $2,500 deductible, it leaves a net amount of $17,500. At A&H Public Adjusters we get paid a percentage of the net amount. We do not get paid for your prior payments or deductible. Public Adjusters are known to get homeowners more money in their claim even after the fees and deductible are subtracted. We do not only take away the stress of handling the claim, but we estimate the damages and negotiate the maximum settlement on the claim.