omavastuisiin

Omavastuisiin is a Finnish term that translates to "deductible" in English. It refers to the portion of an insurance claim that the policyholder is responsible for paying out-of-pocket before the insurance company begins to cover the remaining costs. Deductibles are a common feature in many types of insurance, including car insurance, home insurance, and health insurance.

The purpose of a deductible is to reduce the number of small claims that an insurance company has to process and to encourage policyholders to be more careful with their insured possessions. It also helps to lower insurance premiums, as policies with higher deductibles generally have lower annual costs. When a claim occurs, the policyholder pays the agreed-upon deductible amount, and the insurance company then pays the rest of the covered damages, up to the policy's limits.

The amount of the deductible can vary significantly depending on the type of insurance and the specific policy chosen. For example, a car insurance policy might have a deductible of a few hundred euros for collision damage, while a home insurance policy might have a higher deductible for events like fire or storm damage. In health insurance, deductibles often apply to specific services or over a calendar year. Understanding the deductible is crucial for policyholders to know their financial responsibility in the event of a claim.