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| *The Commerce Journal>>>Insurance |
$1,000 or $500 deductible for home owner's insurance? |
Which is more common $1,000 or $500 dollar deductible? I mostly see $500 deductible, but when the house is bigger, I see a lot of $1,000 deductibles or even higher. If you save at least $100, it is worth it (I usually use the formula, if the difference in the deductible can be made up in 5 yrs or less in savings on the premium, increase the deductible). If you are the type that wouldn't put in a claim unless it was a big one, consider increasing to $2500. Call your insurance company for quotes. $500 is pretty low for a homeowners policy. $1000 is a lot more common. 500 is the standard home owner's deductible. most people carry a $500 ded. if you can afford it carry a $1000. this keeps your premium down and will prevent you from making small claims that will add up quickly. most things you need to claim repair or replacement on a home are of a higher cost. |
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