onebigfool asked:
If I buy supplemental homeowners insurance will it cover my $1000 deductible I have to pay now? Say I have $3000 worth of damage. My current insurance only pays $2000 because I owe the $1000 per claim. But if I had another homeownwers policy couldn’t I file a claim with them too?
If I buy supplemental homeowners insurance will it cover my $1000 deductible I have to pay now? Say I have $3000 worth of damage. My current insurance only pays $2000 because I owe the $1000 per claim. But if I had another homeownwers policy couldn’t I file a claim with them too?
{ 2 comments… read them below or add one }
Exactly what kind of “supplemental homeowners insurance” are you talking about?
When you say “supplemental homeowners insurance”, what do you mean? There’s no policy that covers a deductible.
If you have two homeowners policies, they share the loss. You will have a deductible on both of them. Each policy describes exactly how it shares a loss with another policy.
The REASON you have a deductible, is so that you can’t file little claims. The rate on that first $1,000 of coverage would be darned close to $1,000, if not over it. The POINT, is to give you incentives to NOT have a loss.
It’s not going to work that way. You won’t find someone to give you a policy for $1,000 or even $5,000 of coverage.