Deductible Buyback

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.

 

Answer:

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.

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