Archives FAQs

The amount paid once for all damage from a single event.

Allows purchasing extra coverage to reduce out-of-pocket deductibles for specific risks like wind

Usually only at renewal; some carriers allow mid-term increases but rarely decreases.

The lowest amount an insurer retains for a policy, typically non-refundable if canceled early.

Requirement to insure for at least 90% of replacement cost to avoid claim payment penalties.

Coinsurance is a penalty for under-insuring; Agreed Amount waives this penalty.

If not specified as ‘per building’, the limit is typically per occurrence.

An accident or singular event causing damage resulting in a claim.

Per building applies to each structure; per occurrence applies once to the event regardless of building count.

No, it applies for any/all occurrences that cause a claim.