What is stated about deductibles on losses caused by fire and lightning?

In the context of the RIBO Act and insurance coverage for losses caused by fire and lightning, it is stated that there is no deductible that applies in these cases. This means that when an insured event occurs due to fire or lightning, the policy will cover the total amount of loss without the insured having to meet a deductible threshold.

This approach is designed to provide the policyholder with greater financial security and peace of mind in the event of a significant loss caused by these specific perils. By eliminating deductibles for fire and lightning-related claims, insurers can encourage policyholders to take proactive measures to protect their properties, knowing that they will not bear a portion of the loss. Understanding this provision is important for insured individuals to make informed decisions about their coverage options.