A deductible is the set amount that your insurance company will reimburse you after an insured loss. For example, if a fire from your toaster oven caused $1,500 in damages to your unit, and your deductible is set at $500, your insurer will reimburse you for the difference, i.e. $1,000.
If you’re looking for a way to reduce your insurance rate, you can keep your deductible at a slightly higher level, which tends to lower your condo insurance rate. Speak with your broker about how to balance a good deductible amount for each of your policy requirements.