Home Insurance: How to determine your deductibles

Home Insurance Deductible def: The amount that a policyholder has agreed to pay on a claim before the insurer is liable for any damages. Deductibles usually range from $500-$5,000.

Your home insurance deductible is important for many reasons. Because your deductible is the amount you will have to pay in the event of a claim, your deductible should be an amount that you would feel comfortable paying in the event of a loss. For example, if your deductible was set at $1,000, and your roof was damaged because of wind, you would be responsible for the first $1,000 worth of damage.

However, there are many advantages to having a higher deductible as well. The higher your deductible is set, the LOWER your monthly premium will be. Insurance companies give a lower rate to homeowners with higher deductibles because these homeowners will most likely not file as many small claims and they will be responsible for more of the repair costs than a homeowner with a lower deductible.

As a rule of thumb, try and keep your home insurance deductible set as high as possible (to save the most money) while still feeling comfortable with the amount in the event you would have to pay it in a loss.

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