What is your home insurance deductible?

[Tiger926]

Just got a new car and it's a bit cheaper than our old one. We are looking at raising our house deductible.

Our home insurance is still expensive $1000.00/year as it's premium insurance, but we also get a great discount on both of our cars as well.

We are at $500.00 right now, but can go to $1,000 or $2,000 deductible.

$1,000 will save $125 over the year, and $2,000 will save $285.

What are your deductibles? Any advice would be appreciated, Tiger

 

[Where'sPiglet?]

Deductibles:
$2500 normal
$2900 hurricane

It's about $2500/year.

 

[QueenElinor]

My deductible is 1% of the replacement value on the house. My agent once told us not to file a water damage claim because it would raise our rates, and that insurance was for major disasters, and that State Farm could drop us over something like that. We filed the claim, they paid it. Nothing happened.

Many years later, they raised our deductible to what it is now rather than raise the rate. That's fine with me- I just don't want to pay high premiums for a low deductible and then be told not to use it.

 

[Julia Says]

Ours is 1% of our total coverage- house plus contents. For example, if the house was valued at $200,000.00 and the contents covered at $75,000.00, the deductible would be $2,750.00.

We had to use it this year because a really bad storm tore up our roof and destroyed most of our fence, plus some other minor damage. If the roof hadn't needed to be replaced, we would not have filed the claim, because our deductible is so high.

 

[disney1990]

Our deductible is $1,000. And our home insurance is just under $1,000 a year.

 

[jmsaj]

Allstate Customer

$250 deductible for Home Replacement Guarantee II (limit of liability $182000)
$250 deductible for All other structures (limit of liability $18000)
$250 Deductible for Personal Property (limit of liability $127000)

My policy is $751 per year

 

[Tiger926]

Thanks for all replies!

Our insurance is approx. $1000.00/year and it's for full replacement value of $700,000.00 plus another $300,000.00 for contents. The full replacement value is crazy high as our house is appraised at $300,000.00. We fought with them and they lowered it a bit, as they had it over $800,000.00. It's pretty close to other insurance companies around here though, and it's premium, so everything is covered, and then some.

We get discounts for no smoking, alarm, no claims and staff discount, so it's as low as it can go.

Thanks as this info is very helpful, Tiger

 

[Kathryn Merteuil]

I believe ours is $500. I really do not know exactly what we are paying because it is all going into the escrow along w/taxes and payment.

 

[tajz90]

Apparently home owners is outrageous! We pay $1600 a year with discount for combo with cars and our deductible is........ $4000! I know, I haven't shopped insurance in a couple of years, but I'm going to Monday. We've had the same company for 20 years. We love them and they have treated us well. We do live in hurricane country and have seen increases in the last several years.

 

[taymorel]

Ours is $1000. We are considering raising it to 1% to get our premium lower because the rates are higher this year.

 

[JamesMom]

Well, we live in the hail capital of the world (North Texas) and have a few tornados come through to spice things up a bit so our home owners is rather expensvie - $1,700 a year including riders for foundation, water damage, jewelry and computers along with $1M liability. Our deductible is 1% of the $250K replacement value on a house we'd be lucky to get $130K if we sold now (paid $150K 10 years ago - new construction). We had a 2% deductible when we replaced our hail damanged roof about 4 years back (ouch!). It's time for another really damaging hail storm to roll through so we reduced our deducitlbe to 1% last year and we were suprised that our rates increased by only $50 a year. We are with USAA and only pay $700 every 6 months for full coverage with uninsured motorist coverage/roadside assitance & rental car on 2 cars - so it evens out in the end.

 

[usd2bmd]

We still have ours at $500. We don't keep a lot of cash in savings or checking accounts so if something happened it's easier to just pull $500 out of savings than to have to pull it out of another account.

I work for an insurance company and always tell people that even if you are saving money you should never raise your deductible so high that you would not be able to cover it IF you were to sustain a loss to your home.

 

[PrincessSuzanne]

We just got our new policy on Saturday and our deductible is $1,000.

Our rate went up over $200 this year to over $1000/year after our multiple discounts and I was not happy, so I called and they reviewed it and were able to knock off $149 for the year. We were getting dinged for all the people on the East Coast that had filed claims that were hit by storms in the last year. We live in an older house, so it's more expensive to replace.

 

[RitaE]

Ours is $1000 with replacement value coverage on the house.
We also have a $1million liability policy because of the pool.

We pay a little over $1000 a year on the premium which is probably too high. Every year I claim I'm going to shop it around and I never get around to it.

 

[SamMac]

You are going to see a wide range in premiums depending on where people live. I have a $500 deductible and I pay around $700 a year.

 

[DVC-Don]

$1,000 on our vehicles.

1%, or $3210, on our NY home.
$1,000 ($5,000 hurricane) on our FL home.

 

[ccgirl]

Just got a new Chevy Traverse (awesome car!) and it's a bit cheaper insurance than the van we traded in, so as hubby and agent were discussing that, she said we could save more money if we raised our house deductible.

Our home insurance is still expensive $1000.00/year (even with hubby's bank staff discount) as it's premium insurance, but we also get a great discount on both of our cars as well.

We are at $500.00 right now, but can go to $1,000 or $2,000 deductible.

$1,000 will save $125 over the year, and $2,000 will save $285.

What are your deductibles? Any advice would be appreciated, Tiger

Bolded mine.

I think that is a bargain. You should hear what some people pay. After talking to family in FL, I think mine is a bargain at $2400 a year. That is with $1,000 deductible and 4% deductible for wind/hail.

 

[Tiger926]

Bolded mine.

I think that is a bargain. You should hear what some people pay. After talking to family in FL, I think mine is a bargain at $2400 a year. That is with $1,000 deductible and 4% deductible for wind/hail.

Around here that is expensive. I realize it varies by country and state, but I was more interested in seeing deductible amounts and the reasoning behind them.

Thanks all!

Tiger