aop deductible definition
AOP stands for all other perils.. This would be your deductible on  losses covered under your policy. Examples would be fire, theft, or  vandalism. This would be separate f … rom other deductibles that may  apply to other covered losses (for example, damage caused by a  hurricane).hen the insured/beneficiary (patient) pays the total deductible amount out of his own pocket. A deductible is the amount for which the patient is financially responsible befo … re an insurance policy provides payment. The standard AOP deductible is a fixed amount, which is usually $1,000. The hurricane deductible is a percentage, usually 2%, of the dwelling coverage on a single family home and 2% of the personal property coverage (or $500, whichever is more) on a condominium unit policy.ere’s an example of how the hurricane deductible works: The dwelling coverage on your home is $300,000. A hurricane causes $20,000 in damage. 2% of $300,000 is $6,000, which is your responsibility. The insurance company will then pay the remaining $14,000. The insurance premium is the amount you pay the insurance company every month. The insurance deductible is the set amount which you pay out of pocket for repairs after you mak … e a claim.For example... you may pay $100 to the insurance company every month for the insurance policy and have a $500 deductible.If you file a claim you are expected to pay for $500 of the repairs yourself, while the insurance policy covers anything above that amount up to your max limits.or automobiles, $500 is often the deductible for collision coverage, and $100 and $250 are usual deductibles for comprehensive coverage. Generally, collision coverage is more … expensive than comprehensive, and a lower deductible for comprehensive does not add that much to the cost of the premium. • For Scenario 2, there is a 5 percent wind deductible and a $500 deductible for all other perils (AOP). For the same $100,000 windstorm loss, the policyholder would pay $10,000, the insurer would pay $90,000 and the deductible would account for 11.1 percent of the amount paid by the insurer. For Scenario 2, there is a 5 percent wind deductible and a $500 deductible for all other perils (AOP). For the same $100,000 windstorm loss, the policyholder would pay $10,000, the insurer would pay $90,000 and the deductible would account for 11.1 percent of the amount paid by the insurer. If you buy a collision policy for your car with a $500 deductible, and the car is destroyed, it will cost you $500 to replace it--the insurance company will pay the rest. So long as you can lay hands on $500, you know you'll have a car to drive.hen the insured/beneficiary (patient) pays the total deductible amount out of his own pocket. A deductible is the amount for which the patient is financially responsible befo … re an insurance policy provides payment. More common than dollar amounts, however, are deductibles expressed as a percentage of the coverage on your home. For example, a 2% wind deductible on a $500,000 home would be a $10,000 wind deductible.A 5% wind deductible on a $300,000 home would be $15,000.hus, the AOP deductible should apply to folks with that distinction. See the article from CNBC linked here for a broader discussion of how this subject will be playing out in New Jersey. Many considerations should factor in your choice of insurance companies for selecting homeowners and other property insurance. The AOP is a set dollar amount, most commonly $1,000 to $2,500, depending on your mortgage company s requirements and what out of pocket expense you are comfortable with. Hurricane Deductible. This is the deductible you will pay on a hurricane related claim, including all named storms.If you are not familiar with Florida you will find this unique to hurricane-prone states. The deductible amount is typically a percentage of your Coverage A amount, the dwelling coverage limit.eductibles: All Florida homeowner s policies have two deductibles, the All Other Perils (AOP) deductible and the Hurricane deductible. AOP Deductible. This deductible affects any claim paid out for AOP events other than a hurricane. This deductible is paid per event/claim. With a 5% Hurricane Deductible, the AOP deductible options are $500, $1,000, $2,500 or $5,000 since the Hurricane Deductible is $5,000. Coverage A = $250,000 With a 2% Hurricane Deductible, the AOP deductible options are $1,000, $2,500 or $5,000 since the Hurricane Deductible is $5,000.ith a 5% Hurricane Deductible, the AOP deductible options are $1,000, $2,500, $5,000 or $10,000 since the Hurricane Deductible is $12,500. Coverage A = $25,000 With a 2% Hurricane Deductible, the AOP deductible option is $500 since the maximum Hurricane Deductible is $500. For automobiles, $500 is often the deductible for collision coverage, and $100 and $250 are usual deductibles for comprehensive coverage. Generally, collision coverage is more … expensive than comprehensive, and a lower deductible for comprehensive does not add that much to the cost of the premium.or automobiles, $500 is often the deductible for collision coverage, and $100 and $250 are usual deductibles for comprehensive coverage. Generally, collision coverage is more … expensive than comprehensive, and a lower deductible for comprehensive does not add that much to the cost of the premium. This deductible is for non-hurricane related claims like fire, burglary, vandalism, random water discharge and acts of the Lord God like lightning, tornados, hail to cite a couple. If a windstorm that's not a named storm causes damage, this is mostly subject to your AOP deductible.These deductibles are usually 500, one thousand or 2500 with most carriers. Your hurricane deductible is much different and only is applicable to named storms classified as hurricanes.With most carriers, if your house is valued over $100,000 then the standard hurricane deductible is two percent of your coverage'A' amount on your policy. Coverage'A' is your structure or dwelling coverage.f a windstorm that's not a named storm causes damage, this is mostly subject to your AOP deductible. These deductibles are usually 500, one thousand or 2500 with most carriers. Your hurricane deductible is much different and only is applicable to named storms classified as hurricanes.
Is a fixed amount, which is usually $1,000. The hurricane deductible is a percentage, usually 2%, of the dwelling coverage on a single family home and 2% of the personal property coverage (or $500, whichever is more) on a condominium unit policy.