There are a number of types of homeowners insurance deductibles, but the two most common are:
Flat deductibles. A flat deductible is a fixed dollar amount that you’ll pay out of pocket for a covered loss. Technically, your insurance company subtracts the deductible from the amount claimed and that’s the portion of the claim you’ll pay.
For example, if your deductible is $1,000 and you file a claim because a hail storm damages your siding and it’s determined the cost to fix the damage is $9,000, your insurance company will pay out $8,000 for the claim and you’ll cover the remaining $1,000.
Percentage deductibles. You can choose to have a percentage deductible, which means your deductible would be a percentage of the total coverage amount on your policy.
For example, if your home is insured for $300,000 and your deductible is 2 percent, you’d pay $6,000 of the claim ($300,000 multiplied by 2 percent)