As a homeowner, saving money is always a priority! If you’re looking to lower your homeowners insurance costs, you may want to raise your deductible.
Your deductible is the price that you pay towards a loss. Your policy will outline the terms, which include your payments before the insurer pays towards the claim. If you have a high deductible, then you can save on premiums.
If it is affordable, it is a smart decision to raise your deductible. For example, to raise your deductible only by $1,000 can save you 25%. Keep in mind that there may be different deductibles or types of damage in different areas. For instance, if you live in an area prone to windstorms, you may have to pay a separate windstorm deductible.
