When an insured loss occurs on a contract of insurance, there is generally a deductible applied. This is stated in your policy documents and may alter based on the type of coverage.
For example, a standard property insurance deductible is $1000, but water related losses may have $2000 deductible. This is the share you contribute as the policyholder. When referencing auto insurance, it is important to realize that losses involving other motorists or pedestrians or property damage to others are required to be reported regardless of if the damage is under your listed deductible. You may save premium if you choose a higher deductible.