Understanding Home Insurance Deductibles
Along with understanding how different types of coverage give your home the protection it needs, it's important to understand how a homeowners insurance deductible is part of your policy. This way you can better financially prepare for the unexpected.
What is a deductible?
The amount of money you'll pay out-of-pocket before your insurance company will pay on the claim.
Need more help with basic insurance terms? Check out our insurance glossary.
Home Insurance Deductible FAQs
Low Deductibles vs. High Deductibles
Choosing your deductible comes down to what you personally can afford in the short term or long term. Here are some things to consider when making your decision.
Lower Deductibles
Pay less out-of-pocket in the event you file a claim
Pay more in premiums over a longer period of time
Pay more each month for premiums
Be able to afford paying more up front in monthly premiums.
Higher Deductibles
Pay more out of pocket if you have a claim
Premiums will be lower each month
May need to save emergency money in case of a claim to cover higher deductible
Still not sure what deductible makes sense for you?
The information on this webpage represents only a brief description of coverages, is not part of your policy, and is not a promise or guarantee of coverage. If there is any conflict between this information and your policy, the provisions of the policy will prevail. Insurance policy terms and conditions may apply. Coverage features and limits vary by state and may be subject to change. Some products are not available in every state. Discount availability and eligibility vary by state and policy terms. (Discounts apply to auto and property policies.) Please check with your agent and read the policy for exact details on coverages and exclusions.