What is the deductible amount for Specified Perils under Own Damage Optional Coverage?

The deductible amount for Specified Perils under Own Damage Optional Coverage is established at $300. This deductible applies specifically to claims made under specified peril events, such as fire, theft, or vandalism, as outlined in the policy.

Having a standard deductible in this coverage type helps both the insurer and the insured manage risk. The insured is responsible for a portion of the loss, which can deter small or frivolous claims, while the insurer covers losses above this deductible. This helps in stabilizing insurance premiums, as it keeps the costs predictable for the insurer.

It's also significant to note that different types of coverage (like Comprehensive or Collision) may have varying deductible amounts, and knowing these differences can guide policyholders in selecting the most suitable options for their specific needs.