When a homeowners policy provides for coverage only after the deductible is met, this is termed:

When a homeowners policy stipulates that coverage is available only after the deductible has been satisfied, this is referred to as excess coverage. Essentially, excess coverage means that the insurance policy will not pay for claims unless the cost of the loss exceeds a certain amount, which in this case is the deductible. The deductible is the out-of-pocket expense that the policyholder agrees to pay before the insurance company contributes to the remaining loss.

This concept is crucial for homeowners as it outlines the initial responsibility in a loss situation. Understanding how deductibles function helps policyholders better manage their expectations regarding insurance payouts and overall financial planning when incidents arise. Other terms like loss assessment coverage, specific coverage, and the coinsurance clause refer to different types of insurance arrangements and obligations, not directly linked to the concept of coverage being contingent upon meeting a deductible.