What is a maximum coverage limit?
A coverage limit is the maximum amount that your insurance company will pay for on a covered loss. You can find your coverage limit stated in your homeowner's insurance policy, or by calling your insurance agent.
How do you respond to a policy limit on demand?
Your insurance policy's aggregate limit spells out the maximum amount of money the insurer will pay for all covered losses during your policy period. After you reach your aggregate limit, the insurance company will not cover any additional claims made in that period, which is typically one year.
What does it mean if an insurance policy has an aggregate limit of $1 million?
An Insurance deductible is an amount which the policyholder will have to shell from his pocket for repairs in the event of loss or damage. Only after this, will the insurance policy come into play. The insurer will pay for the losses as per the limits pre-defined in the policy.
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