The deductible is the owner's portion of the repair expense, payable when the repairs are completed. The deductible amount was determined at the time you took out your insurance policy. Typically, the higher the deductible, the lower your insurance costs. With the higher deductible, it's always a good idea to have a rainy day fund set aside in the event of a loss. Paying a little more on your insurance payments will result in a lower and more manageable deductible. Check with your agent to be sure you have the coverage you need.