Insurance Terms Everyone Should Know

Commercial InsuranceIf you own a car, own a home, run a small business, or have health insurance (this should cover just about all of you) you need to know these two insurance terms. They are included in almost every insurance contract and it is essential that you are educated about what they mean related to your health, home, or business. K. L. Owens and Associates LLC. shares the definitions of these terms to help you, our customers, be educated and protected.


On any insurance plan, the deductible is the amount you must pay for covered services before your insurance coverage starts to kick in. There are both comprehensive deductibles and separate deductibles. Comprehensive deductibles go towards everything on your insurance, while other items may have a separate deductible that must be paid per service. Your deductible directly effects your insurance premiums. Generally, lower deductibles have more comprehensive coverage, but come at a higher premium cost.


Co-insurance is a the percentage of the claim that the insurance company is responsible for. Typically, a percentage is determined on the Declarations page of the policy. This percentage is used in a formula to determine how much to pay in the event of a loss or claim. For example, if the policy states that there is a 30% co-insurance fee, that means the policy holder is responsible for 30% of the cost and the insurance company is responsible for the remaining 70%.

K. L. Owens and Associates LLC. feels that the best way to protect our customers is to help them stay educated about their insurance policies, exposures, and coverages. If you would like a free insurance consultation and quote for your Georgia based business, or any business in the US, just give us a call today!

Speak Your Mind