Deductible Buy Back vs Parametric?
What is Deductible Buy Back Insurance
Deductible buy back coverage is a second insurance policy. A deductible buy back policy is in addition to your primary (overlying policy). A deductible buy back policy can reduce your deductible to as low as $2,500 when a covered loss occurs.
Get a QuoteWho Should Consider This Coverage?
Deductible buy back coverage can be a good fit for homeowners, property owners, businesses, homeowners associations, real estate investors and anyone who wants a predictable financial plan before a major loss occurs. Deductible buy back coverage is available for wind, hail, flood, fire or earthquakes.
Quick Example of how deductible buy back works
In this example, deductible buy back coverage reduced the insured’s net out-of-pocket responsibility from $20,000 to $5,000.
What is Parametric Insurance
Parametric Insurance pays based on a predefined trigger or measured event, such as wind speed, hail size, rainfall amount, earthquake intensity, or other objective data point. Rather than waiting for a traditional damage adjustment the payment is made based on the triggering event and terms, usually within days. Parametric is not dependent on any other coverage and Parametric Insurance can even be considered a balance sheet item for protection against loss.
Get a QuoteWho Should Consider This Coverage?
Parametric insurance is a good fit for property owners, businesses, homeowners associations, real estate investors, and insureds whose business or property is exposed to wind, hurricane, flood, fire, earthquake, natural disasters or other events that may shut your business down or stop revenue. It is useful for customers who want a more predictable financial plan before a major loss occurs.
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