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01-08-2021, 02:54 PM
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#21
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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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.
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FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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01-08-2021, 03:04 PM
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#22
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,012
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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
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01-08-2021, 03:13 PM
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#23
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 1,554
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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'
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01-08-2021, 03:58 PM
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#24
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Thinks s/he gets paid by the post
Join Date: Nov 2016
Location: Washington State
Posts: 2,350
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Quote:
Originally Posted by finnski1
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.
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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.
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01-08-2021, 04:18 PM
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#25
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Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,824
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Yeah Liberty Mutual made it easy. Mine only came out to a $68 annual savings. I didn't bother.
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01-08-2021, 04:26 PM
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#26
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Recycles dryer sheets
Join Date: Jan 2014
Posts: 406
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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.
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01-08-2021, 05:05 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Posts: 1,468
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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.
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01-08-2021, 06:24 PM
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#28
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Cincinnati
Posts: 1,080
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Mine is 1% of home value with State Farm.
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01-08-2021, 08:54 PM
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#29
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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
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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.
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01-08-2021, 10:33 PM
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#30
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,012
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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
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01-09-2021, 07:32 AM
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#31
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Michigan
Posts: 4,964
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$2000
__________________
"The mountains are calling, and I must go." John Muir
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01-09-2021, 07:39 AM
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#32
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Thinks s/he gets paid by the post
Join Date: Mar 2011
Location: North TX
Posts: 1,800
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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.
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