There Is a Simple Way to Lower Your Home-Insurance Bill. It Is Also a Risk.
Live MintHomeowners in search of relief from rising insurance bills are offering to pay more out of pocket in the event of fire, theft or other damage to their property. While the standard home-insurance deductible typically ranges from $500 to $1,000, according to an analysis of millions of policies by digital insurance marketplace Matic Insurance, more homeowners are choosing higher deductibles. “Homeowners are desperately looking for ways to save on their premiums right now,” said John Costello, former chairman of the Independent Insurance Agents and Brokers of America, a national trade association. The Bella Vista, Ark., retirees hadn’t made any claims on their policy with a $5,000 deductible, but their insurer said roof damage in the area from hail was pushing premiums higher. Consider the risks With severe weather and natural disasters on the rise, it is risky to raise your deductible if your home might be vulnerable to damage, said Pat Howard, property and casualty insurance specialist at Policygenius, an online insurance broker.
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