Homeowners Insurance — Should You Choose A Higher Deductible?
Choose a higher deductible when applying for a homeowners insurance policy if you want to attract cheaper premiums. Make it as high as you can cope with and you’ll attract considerable discounts.
Your deductible is the amount you’ll be expected to pay if you make a claim before your insurer would be duty-bound to fulfill the terms of your home insurance policy.
You can attract a discount of about 25% in your home insurance premium if only you move from $500 to $1,000 in your deductible. The higher your deductible, the cheaper your home insurance premium. Just make sure it’s an amount that you can produce with relative ease if you file a claim.
It is wise to make it as high as possible as long as you can afford it with relative ease.
