How To: Choosing the Right Home Insurance Deductible

Posted on: May 23, 2016 By: Risk Management Blogging Team
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.

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