How do I choose my Homeowners deductible?

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Homeowners insurance provides the financial protection you need against many disasters, especially disasters like pipes freezing, water damage, wildfires and burglaries. The deductible you choose affects your premium, when you are deciding which deductible amount to choose, this choice becomes one of the most important decisions you’ll make regarding your Homeowners insurance. Here are some things to consider.

What is a deductible?

A deductible is the amount of money you must pay on an insurance claim before your insurance kicks in. You do not pay your deductible to the insurance company. Instead, that money goes towards settling the claim. In other words, if your claim is for $10000 and your deductible is $1,000, your responsibility would be $9,000 for this claim. Most Homeowners insurance policies use dollar-amount deductibles, there are also percentage-based deductibles that are based on a percentage of the actual dwelling coverage amount. If you’d like to learn more about your policy options, make sure to talk to us today!

What is the standard deductible for Homeowners insurance?

Every home and each policy are different.There is no standard deductible amount for any type of insurance. However, an average Homeowners insurance deductible is usually be between $500 and $1,000. You may choose a higher deductible though please let us know if you have a question!

What should you consider when choosing a Homeowners insurance deductible

There are two main things to think about when choosing your deductible include:

  • What are comfortable paying out of pocket for a claim
  • long-term cost considerations. You want to make sure your deductible is an amount you’d be able to pay in the event of a claim. The fact is, the higher your deductible, the lower your premium.

If you want to have a meaningful conversation about your insurance needs, you should give us a call at 208-762-2122 or email us at jan@janjinsurance.com