Plain-English meaning
The amount or percentage assigned to the policyholder before the insurer pays a covered loss, subject to policy terms.
Why it matters
Different deductibles can make a low premium much more expensive after a loss.
Where you may see it
Declarations, peril endorsements, quote summaries, and catastrophe notices.
What to verify
Flat versus percentage, the percentage base, separate peril triggers, and whether multiple deductibles can apply.
Do not confuse it with
A coverage limit, which caps what the policy may pay.
For policy-specific meaning, read the definition and related provision in the issued policy.