What is a single-loss deductible and how does it work?
Single loss deductible clauses are an addition to your insurance policy that ensure you only pay one deductible in the event that more than one insurance policy is affected.
If you have two or more separate types of insurance from the same company or have purchased a bundled insurance package, you may be entitled to a single loss deductible clause (as specified by your coverage agreement).
Below are some example scenarios that show where the single-loss deductible* is and isn’t applied with bundled Safeco policies:
- A tree falls on your garage, where your car and boat are stored. If the garage, car and boat are damaged by the tree, Safeco will waive the boat and car deductibles once the home deductible is paid.
- A hailstorm causes extensive damage to your roof as well as your travel trailer parked in the driveway. Safeco will waive the travel trailer deductible once the home deductible is paid.
- Your new teen driver accidentally backs into the mailbox and dents the car. In this case, the single-loss deductible doesn’t apply, because the loss to the home isn’t greater than the home deductible.
If a client experiences a loss covered by Safeco Home and other Safeco policies are affected, Safeco will waive all deductibles once the home deductible is paid, if the amount of the home loss exceeds the home deductible.
If you’re ready to save more money by bundling your insurance policies, contact us today!