Insurance percentage refers to the amount of money that you are covered for in the event of an accident or incident. Depending on what kind of insurance you have purchased, the percentage can vary.
Here are some factors that will affect your insurance percentage:
Type of Insurance: Different types of insurance can have different levels of coverage. For example, car insurance typically covers you up to 80-90%, whereas home insurance coverage can range from 50-90%. It’s important to read your policy to know the exact percentage you’re covered for.
Deductible: Your deductible is the amount you’ll need to pay out of pocket when filing a claim. The higher your deductible, the less coverage you are receiving. Therefore, a higher deductible can mean a lower insurance percentage.
Location: The area you live in is also a factor in determining your insurance percentage. If you live in a high-risk area, such as a major city, you may be charged a higher insurance rate.
For more information on insurance percentages, please visit https://www.thezebra.com/insurance-guides/what-is-insurance-percentage/