How To: Choosing the Right Home Insurance Deductible

How To: Choosing the Right Home Insurance Deductible

Make sure that your homeowners insurance policy works for you to the best of its ability. 

Choosing the right deductible on your homeowners insurance is crucial to getting the most out of your homeowners insurance policy. Every policy has a deductible, meaning that every person is going to have to pay one. Every policy is different, and each person’s financial situation is unique, meaning that every deductible is going to be different to suit the person’s needs. This “guide” will help you determine to what you should set your home insurance policy’s deductible and get the most out of it when you need it.

Before we dive into choosing a deductible, lets go over the basics. A deductible is the amount you will have to pay out of pocket before your insurance kicks in and pays for the rest. Additionally, your deductible is subtracted from your claim. For example, let’s say you set your deductible at $1,000 and your claim is for $4,000. Your insurance company will pay you $3,000 because that’s the difference between the two.

How You Can Better Choose a Deductible That Works for You

Ultimately what’s going to decide your deductible is how comfortable you are paying the set amount. The higher your deductible the lower your premium (the monthly amount you pay). Before you stop reading and call your insurance company about switching to the highest available deductible, take a step back and make sure that you have the funds to afford this high deductible should an accident occur in your home.

Your homeowners insurance should work for you when you need it most; having the right deductible is part of making sure that happens. Contact Risk Management LLC in Brookfield, Wisconsin for all of your personal and business insurance needs.

  • Risk Management assisted me in determining the best insurance coverage to match my business’ risks. Not only did their professional staff spend ample time meeting with me to understand my business, but they continue to follow up with a phone call on a regular basis. I’d consider each of the members on the Risk Management team a true asset in my corner, as they assist to resolve complex insurance issues including GL, Med-pay, business interruption, unemployment insurance, and most importantly, claims management. Their ongoing research in the insurance industry allows my rates and coverage’s to be best in in class, which helps me to remain competitive in my industry.

    -Steve, S. former owner of Helium Trampoline Park

  • “When we want develop partnerships with vendors, the deciding factor is always based on a single question…Do they pick up their phone? At Risk Management, they pick up their phone. In the indoor trampoline park industry, we have dealt with several insurance agencies that were always more concerned about their commission, not building a business relationship or serving our needs. On more than one occasion, Risk Management has stepped in and helped us with carrier/policies issues that the incumbent agencies had dropped the ball on. There was no financial reward for Risk Management in these situations, they see a problem and help fix it. They just do business the right way. Steve Young and his team at Risk Management represent us, not the carrier. We highly recommend Risk Management.”

    -Mark M. Operations Manager,CEO Fun Palace Place

Address: 21420 W. Greenfield Ave Ste 100
New Berlin, WI 53146
(262) 785-8930
Toll Free: (888) 857-5144
Fax: 1 (800) 424-3955
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