I used to Underwrite for a major insurance carrier and you need to look at the policy-there is no easy answer. A lot of polocies have a deductible for the dwelling( actual house ) and then a seperate deductible for damage to the dwelling caused by wind( Imagine thinking you had a $500 deductible and then a windstorm ripped off all the shingles and you find you have a 3% deductible on a $200,000 house-that’s 6,000!!!
You also have endorsements for things like jewelry they may have a different amount to…..
Really you can have a variety of deductibles depending on what you want to cover…
I am an insurance agent – I would say most of the smaller homes (under $200,000) have probably $250 or $500. Average sized homes ($200,000 to $300,000 or so) have $500 or $1,000. The larger homes have $2,500 & the enormous (well over $1,000,000) have $5,000 or $10,000. The larger the home, the larger the premium so the bigger the credit for taking a higher deductible. It would not be worth it for a small home to take a huge deductible because if the premium is only $500 per year, a 10% savings is not much, but if you are talking about a $15,000 premium, a 10% savings is a lot.
what can you afford and what is the premium difference?
Can you afford to pay $500 out of pocket? A $1000? in the event of a claim?
$500 is most common, but if increasing from 500 to 1000 saves you $50 a year is it worth it? A lot of times it is that small of a difference. Check with you agent and ask them to run different deductibles. If they fuss about it or give you trouble. The switch agents or call my company.
i have $500.00
All 3 homes that we’ve owned has had a $1000 deductible.
I used to Underwrite for a major insurance carrier and you need to look at the policy-there is no easy answer. A lot of polocies have a deductible for the dwelling( actual house ) and then a seperate deductible for damage to the dwelling caused by wind( Imagine thinking you had a $500 deductible and then a windstorm ripped off all the shingles and you find you have a 3% deductible on a $200,000 house-that’s 6,000!!!
You also have endorsements for things like jewelry they may have a different amount to…..
Really you can have a variety of deductibles depending on what you want to cover…
I am an insurance agent – I would say most of the smaller homes (under $200,000) have probably $250 or $500. Average sized homes ($200,000 to $300,000 or so) have $500 or $1,000. The larger homes have $2,500 & the enormous (well over $1,000,000) have $5,000 or $10,000. The larger the home, the larger the premium so the bigger the credit for taking a higher deductible. It would not be worth it for a small home to take a huge deductible because if the premium is only $500 per year, a 10% savings is not much, but if you are talking about a $15,000 premium, a 10% savings is a lot.
what can you afford and what is the premium difference?
Can you afford to pay $500 out of pocket? A $1000? in the event of a claim?
$500 is most common, but if increasing from 500 to 1000 saves you $50 a year is it worth it? A lot of times it is that small of a difference. Check with you agent and ask them to run different deductibles. If they fuss about it or give you trouble. The switch agents or call my company.
may 600$