{"id":60129,"date":"2022-03-30T10:37:49","date_gmt":"2022-03-30T17:37:49","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=60129"},"modified":"2024-09-18T13:46:45","modified_gmt":"2024-09-18T20:46:45","slug":"homeowners-insurance-deductible-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/home-insurance\/homeowners-insurance-deductible\/","title":{"rendered":"Homeowners Insurance Deductible: What You Need to Know"},"content":{"rendered":"<p>It\u2019s important to carry sufficient homeowners insurance coverage to financially protect your house and personal property against disaster. But before you receive that claim check from the insurance company, you\u2019ll need to pay a deductible.<\/p>\n<p><b>Here\u2019s what you need to know about homeowners insurance deductibles:<\/b><\/p>\n<ul>\n<li><a href=\"#homeowners-insurance-deductible-defined\">What is a homeowners insurance deductible?<\/a><\/li>\n<li><a href=\"#how-homeowners-insurance-deductibles-work\">How do homeowners insurance deductibles work?<\/a><\/li>\n<li><a href=\"#homeowners-insurance-deductibles-types\">Types of homeowners insurance deductibles<\/a><\/li>\n<li><a href=\"#disaster-deductible-defined\">What is a disaster deductible?<\/a><\/li>\n<li><a href=\"#how-deductibles-affect-insurance-premium\">How does your deductible affect your homeowners insurance premium?<\/a><\/li>\n<li><a href=\"#how-to-choose-the-right-deductible\">How to choose the right deductible<\/a><\/li>\n<\/ul>\n<p><a name=\"homeowners-insurance-deductible-defined\"><\/a><\/p>\n<h2>What is a homeowners insurance deductible?<\/h2>\n<p>A homeowners insurance deductible is the amount of money you must pay before your insurance company covers a claim.<\/p>\n<p>The deductible might be the only out-of-pocket expense you pay for a covered claim. However, a lower deductible usually results in higher home insurance premiums as the insurer assumes more financial risk.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><span style=\"font-size: x-large;\"><strong>Compare home insurance from top carriers<\/strong><\/span><\/p>\n<ul class=\"list--iconArrow accent--isGreen\">\n<li>Fully online, buy home insurance coverage instantly<\/li>\n<li>Compare quotes from highly rated home insurance carriers in your area<\/li>\n<li>No spam, phone calls, upselling, or fake quotes<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/insurance\/get-started\">Get Insurance Quotes Now<\/a><\/p>\n<p><!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<p><a name=\"how-homeowners-insurance-deductibles-work\"><\/a><\/p>\n<h2>How do homeowners insurance deductibles work?<\/h2>\n<p>You only pay a homeowners insurance deductible when you file a claim. This expense is separate from your premium, which you pay every year regardless of whether or not you file a claim.<\/p>\n<p>Once you pay your deductible, the insurance company will send you a claim check for the cost of the damage minus your deductible.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>For example:<\/b> Let\u2019s assume the insurance company approves your claim for $15,000 in damages for a burst water pipe and your deductible is $1,000. In this scenario, you pay for the first $1,000 in expenses and your insurance company covers the remaining $14,000.<\/div><\/div>\n<p>Certain coverages may not require a deductible. Personal liability coverage and medical payments coverage, for instance, usually don\u2019t have a deductible. Loss of use claims that require drawing additional living expenses benefits may not require you to pay a deductible either, depending on your insurance company and policy.<\/p>\n<p>Similar to auto insurance, your deductible applies to each eligible claim. So, if you file multiple claims in one year, you must pay the full deductible amount each time before your policy benefits kick in.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Good to know:<\/b> One notable exception concerns hurricane insurance in Florida. State law only requires you to pay one hurricane deductible per year even if there are multiple storms when you keep the same insurance company.<\/div><\/div>\n<p><a name=\"homeowners-insurance-deductibles-types\"><\/a><\/p>\n<h2>Types of homeowners insurance deductibles<\/h2>\n<p>Homeowners insurance deductibles come in two different types:<\/p>\n<h3>1. Flat deductible<\/h3>\n<p>With a flat deductible, you pay a fixed dollar amount \u2014 such as $500 or $1,000 \u2014 each time you file a claim. This is the deductible type most people are familiar with, and it applies to most losses.<\/p>\n<h3>2. Percentage deductible<\/h3>\n<p>A percentage deductible is usually between 1% and 10% of your home\u2019s insured value.<\/p>\n<p>For example, if your home\u2019s insured value is $300,000 and comes with a 1% deductible, you\u2019d have to pay $3,000 out of pocket when filing a claim.<\/p>\n<p>Percentage deductibles are most common in claims related to earthquakes, hurricanes, floods and severe windstorms. They\u2019re often higher than standard, flat deductibles. Your percentage deductible amount can also adjust yearly if your home\u2019s insured value increases.<\/p>\n<p><a name=\"disaster-deductible-defined\"><\/a><\/p>\n<h2>What is a disaster deductible?<\/h2>\n<p>Unfortunately, standard home insurance policies won\u2019t cover every natural disaster or storm risk. As a result, you\u2019ll need to purchase separate insurance for special risks like:<\/p>\n<ul>\n<li>Earthquakes<\/li>\n<li>Floods<\/li>\n<li>Windstorms and hail<\/li>\n<li>Sinkholes<\/li>\n<\/ul>\n<p>To cover damage from these events, you\u2019ll pay a special percentage deductible. For example, deductibles for earthquake insurance are usually between 10% and 20% of a home\u2019s insured value. Coverage options for different disasters vary by area.<\/p>\n<p><a name=\"how-deductibles-affect-insurance-premium\"><\/a><\/p>\n<h2>How does your deductible affect your homeowners insurance premium?<\/h2>\n<p>A lower deductible minimizes your out-of-pocket responsibility for covered perils, but it usually results in a higher premium.<\/p>\n<p>If you can afford more out-of-pocket costs, you might choose a higher deductible \u2014 say, $2,000 or more \u2014 to secure a lower insurance rate. Increasing your deductibles for additional coverage like hail storms or earthquakes can also lead to a lower premium.<\/p>\n<p><a name=\"how-to-choose-the-right-deductible\"><\/a><\/p>\n<h2>How to choose the right deductible<\/h2>\n<p>When choosing a homeowners insurance policy, it\u2019s important that you settle on a deductible you can comfortably afford. As you shop for a homeowners policy, ask yourself these questions:<\/p>\n<h3>1. What deductible can I reasonably afford?<\/h3>\n<p>Choosing the right deductible is a balancing act. While you don\u2019t want to pay too much for insurance, you also want to limit your out-of-pocket costs if you need to file a claim.<\/p>\n<p>When choosing a deductible, consider your budget and determine how much you can reasonably afford. If you don\u2019t have a large emergency fund to cover unexpected expenses like a home insurance deductible, you may opt for a lower deductible amount until you can build that emergency fund up.<\/p>\n<h3>2. What type of deductible do I have to pay?<\/h3>\n<p>Confirm whether the policy requires you to pay a flat deductible or percentage deductible. Your standard homeowners policy will likely have a flat deductible. But, depending on where you\u2019re located, you may have to purchase additional insurance with percentage deductibles to protect against other perils. Your insurance quotes should describe which perils your standard policy covers.<\/p>\n<h3>3. What is my risk tolerance?<\/h3>\n<p>Determine how much financial risk you\u2019re willing to take on. A smaller deductible can provide more peace of mind since you won\u2019t have to pay much out of pocket to activate your coverage. Higher deductibles, on the other hand, may save you money in the long-term.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Important: <\/b>Make sure to compare quotes from several insurance companies to find a deductible that works for you. You can compare home insurance quotes easily using Credible Insurance.<\/div><\/div>\n<h2>Frequently asked questions about deductibles<\/h2>\n<h3>What is the best deductible for homeowners insurance?<\/h3>\n<p>There isn\u2019t a correct answer as there are many factors to consider when choosing a deductible, including your personal finances, risk tolerance, and location. Simply put, the best home insurance deductible is one that you can reasonably afford. Most home insurance companies offer a minimum $500 or $1,000 deductible.<\/p>\n<h3>What does it mean to have a $1,000 deductible?<\/h3>\n<p>A $1,000 deductible means you pay for the first $1,000 in repairs and your insurance company covers the remaining expenses, up to your coverage limit.<\/p>\n<p>You\u2019ll receive a claim check for your covered expenses minus the deductible amount. For example, if you incur $3,000 in costs and pay a $1,000 deductible, your insurance company will pay out $2,000.<\/p>\n<h3>Is it better to have a high or low home insurance deductible?<\/h3>\n<p>A low homeowners insurance deductible may be easy to afford and provide more peace of mind, but it also requires paying a higher premium.<\/p>\n<p>Choosing a high deductible is better if you\u2019d prefer to have cheaper premiums and can afford the higher out-of-pocket expenses if disaster strikes.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Tip: <\/b>If you have a mortgage, be sure to check with your mortgage lender as well to see if there\u2019s a maximum deductible it will allow.<\/div><\/div>\n<div class=\"basic-box\" style=\"background: #F7F9F9;\"><div class=\"basic-box__inside\">\nCopyright (c) 2023, Credible Insurance, Inc. d\/b\/a Credible Insurance Agency (CA Lic. # 0M90597). Insurance Services provided through Credible Insurance, Inc., VA: Credible Insurance Agency, Inc., MN SOS: Credible Cover, Inc. Credible Insurance is a subsidiary of Credible Labs Inc. 1700 Market St. Ste. 1005, Philadelphia, PA 19103.<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s important to carry sufficient homeowners insurance coverage to financially protect your house and personal property against disaster. But before you receive that claim check from the insurance company, you\u2019ll need to pay a deductible.&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/home-insurance\/homeowners-insurance-deductible\/\">Continue reading<\/a><\/p>\n","protected":false},"author":127,"featured_media":60131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1600],"tags":[],"class_list":["post-60129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-insurance","homeowners-insurance-deductible-what-you-need-to-know"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Homeowners Insurance Deductible: What You Need to Know | Credible<\/title>\n<meta name=\"description\" content=\"Your homeowners insurance deductible is the amount you pay when filing a claim before your insurance coverage kicks in. 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