What is coinsurance?

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What is coinsurance?

mbrcatz

Are you asking about homeowners/property insurance, coinsurance?

In MOST property policies, there's a condition, that you have to insure your house to a percentage of the cost to rebuild it. The percentage is usually 80%, 90% or 100%. If you don't insure your house to the percentage they require, when the claim comes around, they only pay the percentage of the claim, that you insured the house for.

Example: Your house has a replacement value of 100%. The policy has a coinsurance percentage of 100% (makes the math easier for me). You decide, hey, most claims are under $50,000, that's all I'm insuring the house for. You have a kitchen fire, it causes $20,000 of damage. Your house is 50% insured. The insurance company pays you $10,000, less your deductible. Good luck with the repairs, especially since your mortgage company probably won't sign off on the check until the repairs are DONE.

Most claims are partial claims. You very, very rarely see a homeowners claim that gets more than $50,000 in damages. Therefore, in order to COVER all the damages, the rate calculation gets very ugly.

Making the client insure to full replacement value has several advantages: 1. It allows the insurance companies to offer overall much lower rates 2. It satisfies mortgage companies, as far as the balance on the loan goes and 3. In the very rare cases of a larger loss, the insured doesn't end up losing everything.

There ARE policies available without coinsurance - it's moderately common on large commercial accounts, but you CAN buy one, cafeteria style, for your home if you insist. It's called a "flat" policy. The price, however, is about 10X the price of a traditional homeowners policy.

Hope that helps.

TonikPlans.com

Co-Insurance
The percentage of covered expenses an insured individual shares with the carrier. (i.e., for an 80/20 plan, the health plan member's co-insurance is 20%.) If applicable, co-insurance applies after the insured pays the deductible and is only required up to the plan's stop loss amount.

Insurance Biz CT

Co-Insurance is the amount of the bill that you would share with the insurance company. In health insurance, it usually comes into play after you've satisfied a deductible. Some policies will have an up-front deductible or a hospital services deductible. After the deductible is met, your coverage may require you to pay a portion of any approved charges over that amount. This is the co-insurance.

Check your outline of coverage to see what your responsibility is.

tina021980

You have a deductilbe with your insurance, once you pay your deductible, you will have to pay coinsurance, which is like your insurance pays 80% you pay 20% the 20% is your coinsurance.

cheryl h

that's the portion that you owe after your insurance - usually a percentage. Like your insurance pays 80% and your coinsurance would be the 20% that's left. It doesn't include any amounts that your insurance doesn't pay for being above their agreed upon amount to pay. When you get an EOB (explanation of benefits), it will show what your portion (coinsurance) will be.

nurse ratchet

Coinsurance is the percentage that an insurance company pays after your deductible, usually 80%, before the maximum out of pocket is reached. For example, if you have a $1000 deductible and 80% coinsurance to $10,000, you pay the first $1000 in expenses. The next $10,000 in expenses is paid at 20% by you, and 80% (coinsurance) by the insurance company. After that $10,000 is met, the company is paying for all costs for the rest of the calendar year.

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