Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
Over the years, like many things relating to Insurance Coverage, deductibles have generally increased. In many areas, home construction values have increased and the voluntary increasing of a deductible is a very sound way to help manage related premium increases. It is also true that many companies are making policy decisions to reduce the number of deductible choices available. In those case, lately I have been seeing that the average deductible is a $1000. They can certainly go up from there, but check with your INsurance Professional to see if the increase reflects enough of a premium cost savings for you.
The answer to this is that it really depends on what replacement cost and geographically where your home is located. Here in the greater Atlanta area a $1000 deductible is quite common. What we see in the Tucson area ( an area where there are not frequent wind storms) there is more likelihood of the deductible being $500. And in Texas and some other states percentage deductibles have been the norm for decades. So in Texas it is not uncommon to see a 1% wind and hail deductible an 1/2 % all other perils deductible.
Lastly, there are some elements of this that is dependent of the size and replacement value of homes. If you are insuring a 700,000 home or greater,then a $2,500 deductible is quite common.
The are many deductibles that a homeowner can choose for their insurance. However, the lower the deductible the higher your insurance will be. The average deductible that many choose is $1000. This means that during a claim, you pay the $1000 and your insurance company pays the rest. However, the caution to keep in mind: for every claim that you make, your insurance company can raise your rates or cancel your policy. It is important to ask your insurance company if they have waivers for claims and what claims free discounts they offer. 703-651-5817
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Lastly, there are some elements of this that is dependent of the size and replacement value of homes. If you are insuring a 700,000 home or greater,then a $2,500 deductible is quite common.