First, what is a deductible? A deductible is the set amount that your insurance company will reimburse you after an insured loss. For example, if a storm causes $4,000 in damages to your roof, and your deductible is set at $500, your insurer will reimburse you for the difference, i.e. $3,500. Some people like to keep their deductible at a higher dollar amount, as this tends to lower their condo insurance rate. Speak with your broker about how to balance a good deductible amount for each of your policy requirements.