Deductibles are a part of just about every type of insurance policy. It is what you will pay in the event of a claim and the higher your deductible, the lower your premium.

I think it’s smart to look at your options and run the numbers. In some cases, raising a deductible on your auto from $500 to $1500 could save hundreds of dollars per year on your insurance.

You could carry a very high deductible on your home. I had a conversation with a client who wanted me to run some different deductible options on her house. We have a ton of options. $500, $1000, $1500, $2500, $5000, $7500, $10000. We also have percent deductibles. You can pick a 1%-5% deductible. This means your deductible would be 1% of the building coverage of your home.

If your house is covered for $500,000 and carried a 1% deductible, you would have $5000 deductible. You could carry a 5% deductible which would make it a $25,000 deductible. This could lower your premium 70%.

You can also carry split deductibles. For example, $1000 deductible but $2500 for wind and hail. All kinds of fun options are available for you out there!

It’s a good idea to talk to your agent and calculate which package is right for you!

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