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Understanding Home Insurance Deductibles: An Interview with Tim Wilson of C.V. Mason & Company

By Tim Wilson

Tell us a little bit about your company and its foundation.

The C V Mason Insurance Agency was founded in 1883 by C.V. Mason. Today it is still family owned and operated. C .V. Mason Was a entrepreneur looking to protect homes and business from disaster, he was one of the first people in Bristol to own a car. The local insurance agency is run today by Chris and Tim Wilson(Tim is the 6th generation to follow in the family business).

What are some of the services your company provides?

We provide insurance services to the state of CT. We provide Auto, Home, Small Business Insurance, Life & Health Insurance. We are an independent agency and have 11 insurance companies we work with.

First off, what is the definition of a deductible?

A Deductible is the amount of money a consumer would have to pay out of pocket, before the insurance company steps in to cover the loss or claim.

What are the two types of deductibles? Do these types ever vary across different insurance companies?

Two types of Insurance deductibles are a flat rate deductible or a Percentage deductible. These two types are the most common among insurance companies. The higher deductible you choose the more the insurance premium will usually be reduced.

How are deductibles calculated? Is it more common for an insurance company to use fixed dollar amount or a percentage of my home's insured value?

Deductibles are usually calculate by using a flat rate, for example a home insurance can have a $1000 deductible. So, if you suffer a loss the insured would be responsible for the first $1000. IF you have a percentage deductible, the insured is responsible for that percentage of the property limit. For Example, if you have a 2% on a $300,000 house, the insured would have to pay the first $6000 out of pocket on a claim. Its most common to see the flat rate deductibles unless you are near the shoreline and then sometimes you can have both.(regular deductible and hurricane deductible, which is usually a percentage deductible)

What are the disadvantages to choosing a higher deductible? The advantages?

The disadvantage to having a higher deductible is you would have pay to pay more out of your pocket should you have a claim. But if you are claim free you will save premium dollars for all those years you don't need to use your insurance.

What's the best way for people to get in contact with you and your company?

We can be reached by phone at 860-583-4127, or by visiting our website. We can answer any questions you may have about house insurance and obtain insurance quotes for you.

Get an insurance quote here!

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