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What is better for home insurance, a high deductible or low deductible?
Should I go with a high deductible and lower premium, or a lower deductible and higher premium? I'm requesting quotes from a variety of carriers right now and all the prices are fairly similar. Does it matter?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The deductible amount you choose will depend on your financial situation.
If you can comfortably afford a higher deductible should something happen, you have the option of saving some money on your monthly or yearly costs. If you think having to pay a higher deductible would cause financial hardship, you should opt for a lower deductible.
As you’ll have to pay your deductible out of pocket before your
home insurance
will provide coverage, it’s important to be able to afford it.If you’re unable to afford a higher deductible right now, you could always start saving for a larger deductible. Once you’ve saved for it, you can choose the higher deductible option and save money on your premium.”
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- Gregory R.
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