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What deductible should I select for my home insurance?
I am a first time homeowner and am feeling overwhelmed by home insurance. What deductible should I choose for my home insurance?
Nick Kunze · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good question! Whether you choose a high or low deductible is dependent on your budget and insurance needs.
An insurance deductible is an amount you pay for damages before your insurance covers anything. For example, if you had a $1,000 deductible and needed to pay for a $3,000 home repair, you’d pay for the first $1,000, then your insurer would pay for the remaining $2,000.
Common
homeowners deductibles
are between $500 and $2,000, with $1,000 being the most common amount. The higher your deductible, the lower your insurance premium will be. However, that means you’ll have to pay more if you need to make a claim. The inverse is also true: a lower deductible means a higher premium but lower out-of-pocket costs.
The question is, would you rather pay more a month or pay more after an accident? There’s no definitive right answer, just what fits your situation better.
If you want a lower insurance premium without sacrificing coverage or the size of your deductible, you should download
Jerry
. Jerry is the easiest and most effective way to find a home or renters insurance policy that is customized for you. You can even bundle your policy with your car insurance for the most savings.
After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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