Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 01-08-2021, 02:54 PM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
ExFlyBoy5's Avatar
 
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
We leave ours at $10K until tornado season comes around, then drop it to $5K. The annual difference between 5K and 10K is a couple hundred bucks (USAA). Thankfully, they have made it very easy to adjust the deductible online.
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
ExFlyBoy5 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-08-2021, 03:04 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,012
Ours is $1,000
Around 10 yrs ago we had the roof, and things replaced due to a large hail storm, that alone paid us back for around 7-8 yrs of premiums.

I suppose I'm cheap, so when some jerk threw a rock through my tenants window, I frankly hated paying out the $500 to replace the glass.
My rental deductible is $1,000.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 01-08-2021, 03:13 PM   #23
Thinks s/he gets paid by the post
ownyourfuture's Avatar
 
Join Date: Jun 2013
Posts: 1,554
I started out at $500.00 when I bought my home in July of 1994.
Annual Premium was $275.00

When the annual premium reached $1,098.00 in 2015
(with zero claims) I upped it to $5,000.00

This dropped the premium to $702.00
Translation: Upped the deductible by 900.00% to lower the premium by -36.07%

By 2020, it was already back up to $932.00

My conclusion: The insurance company always wins
__________________
"No beast so fierce but knows some touch of pity, but I know none, therefore am no beast"
Shown @ The End Of The Movie 'Runaway Train'
ownyourfuture is offline   Reply With Quote
Old 01-08-2021, 03:58 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Nov 2016
Location: Washington State
Posts: 2,350
Quote:
Originally Posted by finnski1 View Post
Mine is at Liberty Mutual and is $1000.
I just logged on and checked. They have an instant quote feature where you can edit your policy and see the difference. I changed mine to a $2500 deductible and it would reduce the annual premium by $68. For now I'll leave it at the $1000 level.
I tried doing an online quote with State Farm, but for whatever reason the web site said they couldn't complete the quote online. Figures. I did run across another site that listed differences in deductibles for State Farm in my state. It looks like I would only save around $150-200/yr if I increased the deductible to $2500. That's not much savings for higher out of pocket costs, so I'll just leave the deductible at $1000. It's been there for 30+ years, why change now.
mountainsoft is offline   Reply With Quote
Old 01-08-2021, 04:18 PM   #25
Thinks s/he gets paid by the post
 
Join Date: Aug 2012
Posts: 1,824
Quote:
Originally Posted by mountainsoft View Post
I tried doing an online quote with State Farm, but for whatever reason the web site said they couldn't complete the quote online. Figures. I did run across another site that listed differences in deductibles for State Farm in my state. It looks like I would only save around $150-200/yr if I increased the deductible to $2500. That's not much savings for higher out of pocket costs, so I'll just leave the deductible at $1000. It's been there for 30+ years, why change now.

Yeah Liberty Mutual made it easy. Mine only came out to a $68 annual savings. I didn't bother.
finnski1 is offline   Reply With Quote
Old 01-08-2021, 04:26 PM   #26
Recycles dryer sheets
 
Join Date: Jan 2014
Posts: 406
My thinking i that homeowner insurance is for catastrophic events only. I think my deductable is 4 or 5K. It brings my insurance cost down quite a bit.
Palmtree is offline   Reply With Quote
Old 01-08-2021, 05:05 PM   #27
Thinks s/he gets paid by the post
 
Join Date: Feb 2012
Posts: 1,468
Our HO deductible is $9,600, a % of home value. When we insured the home 20+ years ago, the deductible was $3K but our premium went through the roof about 5 years ago and we upped it to get the premium back to a reasonable amount.
TrvlBug is offline   Reply With Quote
Old 01-08-2021, 06:24 PM   #28
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Cincinnati
Posts: 1,080
Mine is 1% of home value with State Farm.
CincyDave is offline   Reply With Quote
Old 01-08-2021, 08:54 PM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
Many companies don't even want homeowners coverage--unless they have your car insurance.

We owned my daughter's home and had a very expensive bicycle and ATV stolen--$5K. Three years later, our main home was hit with a major burglary. Essurance treated us with total disrespect--getting a "fraud" investigator in on the claim.

We moved 65 miles a year ago and went to get insurance and we were quoted rates double normal rates. Come to find out, Lexus/Nexus (and other companies) have a risk rating score that insurance companies base rates on. Two claims in 3 years, and look for insurance prices to go out of sight.

Fortunately, we got homeowners' insurance on the new house for $2400 a year with a company I had insurance with many years ago. Note: The insurance rating companies are covered under the Fair Credit Reporting Act where you can get copies of their information yearly. They also keep records on driving infractions and wrecks for use in automobile policy risk guidance.
Bamaman is offline   Reply With Quote
Old 01-08-2021, 10:33 PM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,012
I have all my insurance with 1 company, so that I'll max the supposedly good multiple policy discount.

When needed I shop the entire set around to see if I can get a much better rate.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 01-09-2021, 07:32 AM   #31
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 4,964
$2000
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 01-09-2021, 07:39 AM   #32
Thinks s/he gets paid by the post
 
Join Date: Mar 2011
Location: North TX
Posts: 1,800
We've had 2 claims in 15 years of home ownership. If we had saved $200/yr, we would have had $3k additional. 2 deductible (difference) would have been likely the same cost as savings, so I don't sweat the details any more.

One thing some do is insure the value of the home, including property. This is something we choose to reduce for the structure only as a complete loss would leave us the land. So we reduce costs this way. We do carry replacement value, though. Wife is in insurance biz...

Our losses were a water heater leak doing floor damage ($9k) & recently a roof after a big TX storm ($7-8k). Both a 1% deductible ($1700). Recently TX enacted a law that made illegal the roofing company to "include" your deductible. We apparently got a generous roofer as we paid <$100 for roof & gutters in the end.

We pay <$1k annually.
Surewhitey is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Medicare Plan F High-Deductible. Just how does that deductible work? Telly Health and Early Retirement 34 04-28-2018 10:44 PM
Should I have separate accounts for Deductible and Non-Deductible IRA contributions? Aiming_4_55 Young Dreamers 28 04-09-2017 08:38 PM
Are nursing home expenses deductible? ejman FIRE and Money 10 08-19-2012 11:44 AM
High Deductible Health Insurance -- Golden Rule prubin Health and Early Retirement 38 09-28-2009 02:40 PM
Insurance...Take Highest Deductible? Tommy_Dolitte Young Dreamers 17 08-17-2004 06:33 PM

» Quick Links

 
All times are GMT -6. The time now is 08:15 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.