Save for the Unexpected With Diminishing Deductible Coverage
When you have a condo insurance claim, you’ll have to pay a deductible before your insurance covers the costs of the repairs or replacement costs. At American Family Insurance, we know that a deductible isn’t always the easiest thing to pay after an unexpected event. But with our Diminishing Deductible, we hope to ease that burden by offering a way to reduce your deductible amount. Here’s how it works:
Earn Credit Immediately
We’ll credit your deductible $100* day one. Let’s say you have a $1,000 deductible. Good news — it just dropped to $900.
Watch Your Deductible Diminish
Your deductible will continue to reduce each year at policy renewal, up to your policy’s maximum limit, as long as you maintain your policy with us.
Savings When You Need It
If you have a claim, you’ll pay a reduced deductible amount thanks to your Diminishing Deductible coverage. Your deductible then resets, so you’ll go right back to earning a reduced deductible amount.
Learn more about Diminishing Deductible coverage >
How Much Condo Insurance Do I Need?
You should have enough condo insurance to cover the value of your belongings and help pay for any damages to parts of your unit not considered part of its structure. You can calculate this by taking inventory of your possessions and their value using receipts, photographs and even video of your unit for proof. What would it cost to replace these items?
You should also think about liability coverage and how much you might need to pay should someone be injured in your unit. Another way to supplement your condo insurance liability coverage is with umbrella insurance, which will pay your legal fees and can help pay any settlement costs should you be sued and found at-fault in court.
