Can you explain what a "deductible buyback" means? We have a loan that is covered under a condo master policy. The flood coverage shows that they have a "flood deductible buyback" and we are not sure what that means.
It means that for an additional premium, you can "buy back" some of the deductible. In other words, if you are willing to pay more, the deductible will be lowered to a lesser amount.