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View Poll Results: What is your homeowners deductible?
$1000 or less 26 37.14%
$1001-$2500 17 24.29%
$2501-$5000 16 22.86%
$5001-$10,000 10 14.29%
more than $10,000 1 1.43%
Voters: 70. You may not vote on this poll

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Poll:Homeowners Insurance Deductible?
Old 12-31-2015, 02:38 PM   #1
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Poll:Homeowners Insurance Deductible?

For many in this crowd, a (much) higher deductible may make sense. I have had homeowners & auto insurance increase after increase (rants in other threads) so I am reviewing where I can make changes.

My homeowners deductible (general & wind/hail damage) is $2500. I have never had a claim in the 34 years we've owned homes. I am seriously thinking about increasing my deductible to $10,000. Even found an argument for raising it to $100,000, makes one think at least Forbes Welcome.

I am far more concerned about losing our "stuff" than the monetary loss, but insurance can't do anything about losing your stuff - it just gives you money to compensate. The "stuff" is still gone...and most of it has little $ value.

I just increased our auto deductibles from $250/500 to $1000 too, though I may increase it still further. Only 1 claim in 36 years.

Never had a claim on boat insurance over 20 years either.

But no, I am not thinking about dropping insurance altogether.

I know the poll is broad, but there don't seem to be standard deductibles, please pick what's most appropriate for you.
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Old 12-31-2015, 02:44 PM   #2
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May need to visit this. When added teen age son to auto raised collision to $1K on newest car, dropped collision entirely on two older cars. But have not looked at homeowner in a while. Had damage to a tree in a windstorm a couple of months ago but cost was $350 for clean-up so no claim. Only homeowners claim since purchased house was in 2007......lightning hit and fire. Cost them at least $150K for that incident.
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Old 12-31-2015, 02:50 PM   #3
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Homeowners deductible is $5,300 (2% of home value) and auto deductible is $500/$1,000.
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Old 12-31-2015, 02:54 PM   #4
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Ours is also 2%, which in our case puts it in the $5,000 to $10,000 category.
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Old 12-31-2015, 03:00 PM   #5
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I have $2500 for non - wind perils and $4000 on wind related (hurricane) damage. Even at $2500 I'd probably not make a claim since they drop you like a hot potato when you do. I've considered changing mine to $5000 since that's probably the level where I'd make a claim.
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Old 12-31-2015, 03:01 PM   #6
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Nit-pick - poll is set up so that $2500 falls in 2 categories. That's my deductible. I had $5k - but when I got the umbrella policy they insisted it be changed to $2500.
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Old 12-31-2015, 03:08 PM   #7
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Quote:
Originally Posted by rodi View Post
Nit-pick - poll is set up so that $2500 falls in 2 categories. That's my deductible. I had $5k - but when I got the umbrella policy they insisted it be changed to $2500.
Sorry, in a mood over insurance.

I can't see how to edit poll choices or I'd make it:
  1. $1000 or less
  2. $1001-$2500
  3. $2501-$5000
  4. $5001-$10,000
  5. more than $10,000
Maybe a Mod will save me.
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Old 12-31-2015, 03:14 PM   #8
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Quote:
Originally Posted by Midpack View Post
Sorry, in a mood over insurance.

I can't see how to edit poll choices or I'd make it:
  1. $1000 or less
  2. $1001-$2500
  3. $2501-$5000
  4. $5001-$10,000
  5. more than $10,000
Maybe a Mod will save me.
Looking into it.
Edit: done
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Old 12-31-2015, 05:59 PM   #9
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When I owned the lake house, I had a $5000 deductible. I recently bought a condo and have $1000 since there is very little savings to go any higher. I always go with $1000 on autos/RVs.
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Old 12-31-2015, 06:25 PM   #10
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$500 deductible on my cheap condo insurance. Also have $500 deductible on car insurance.
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Old 12-31-2015, 06:32 PM   #11
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When we owned a house, I had $5,000 deductible.

Now that we're in a condo, the insurance is a small thing so I changed it to just $500.

$1,000 on the car insurance.
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Old 12-31-2015, 07:48 PM   #12
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It is always more economical to self-insure small risks rather than pay someone else to bear the risk. If you have the financial strength to eat the small losses, you will come out ahead.
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Old 12-31-2015, 10:27 PM   #13
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Mine is 1% of home replacement value. $2850.

As a side note, I dropped auto comprehension and collision when the value of my 10 & 9 year old vehicles dropped below 10K. IIRC, for the years I did carry comp/collision, I had a $2000 deductible on auto insurance since I was 20 years old. One at fault accident in the 31 years since. I believe insurance statistics show an at fault accident every 11 years for the average driver, whatever that is.
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Old 12-31-2015, 10:30 PM   #14
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Quote:
Originally Posted by NanoSour View Post

As a side note, I dropped auto comprehension...
Don't feel bad - I don't understand them either.
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Old 12-31-2015, 11:54 PM   #15
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Don't feel bad - I don't understand them either.
More and more of those senior moments….
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Old 01-01-2016, 01:04 AM   #16
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$10,000 deductible on home. No coverage for collision or comprehensive on cars.
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Old 01-01-2016, 01:14 AM   #17
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OP - switch ins companies.

As for deductible, I look at the difference in cost/savings. For example on my car say its at $500 and I can save $20/yr by making it $1,000
I simply wonder am I going to save money in the end by being accident free for 25 yrs?
Really it might be about 20 years to earn back the $500 difference since I can think I get interest on the savings each year.

So for me when the savings can be earned back in 10 years or less, I jump on it, otherwise its a slower decision.
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Old 01-01-2016, 09:25 AM   #18
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Midpack…I never had claims either. So several years ago I started increasing my deductibles, treating it as catastrophic. It just seemed to make sense. I have a $10,000 deductible on my house. 2016 Premium is $701. House is 3400 sf. My auto premium is $469 for a 2010 Volkswagon Toureg. I maxed the deductible on this to the max allowed by the company. In addition to the coverages thru home and auto I added a 2 million dollar umbrella last year for $202 a year. All thru Central Insurance.
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Old 01-01-2016, 09:54 AM   #19
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Our home deductible is 1.5% of insured value, which puts us in the 5-10K range. In general, I'm a believer in high deductibles and self-insuring for small stuff. But as others have mentioned, you have to look at the payback period on the higher deductibles and assess the likelihood of a claim during that period. Last time I looked at this, 1.5% was the sweet spot. Roof claims due to hailstorms are fairly routine here.
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Old 01-01-2016, 09:56 AM   #20
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We no longer own a home since we live in a parsonage now (so all we have is a renters/non-owned policy for contents coverage), but when we were homeowners we carried a 2% deductible.
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