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A deductible is the portion of a loss that you are required to pay before your insurance coverage activates. For example, if you owned a policy with a $300 deductible and you suffered a covered loss totaling $1,000, you would pay the first $300 and your insurance company would pay the remaining $700. If the loss was only $300, you would pay the entire amount and your insurance company would pay nothing. Generally, when you choose a higher deductible, your premium is lower.
Glossary