A deductible is the amount of a claim you have chosen to be responsible for. This means that if you had a $750 house claim and you have a $250 deductible, when you receive your claim check from the company it will be for $500 as they have deducted $250 for your deductible. Depending on the type of policy you can choose to have a $0 deductible all the way up to $10,000, and almost anywhere in between. By choosing a higher deductible you receive a lower premium and agree to absorb a higher amount of the claim.