Insurance Premium
An insurance premium is the recurring amount — monthly, quarterly, or yearly — you pay to keep a policy active, whether or not you ever file a claim. It's the price of transferring a risk you couldn't afford to bear yourself to the insurer.
Premiums rise with more coverage and lower deductibles, and fall the opposite way. The goal isn't the cheapest premium but the right balance: enough coverage for a loss that would be financially devastating, at a deductible your savings can handle.