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How much is your homeowners deductible?

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  • #1

    How much is your homeowners deductible?

    In training we had a $1000 deductible, it may have even been $500, on our homeowners policy. When we were buying here we were convinced (by our NWM agent, not the insurance agent) that we would be better off getting a high deductible and a low rate so we went to $10K. Now I think that is to much...but I do think $1000 is probably to low/we'd be paying to much for our premium.

    So my question is does anyone know if there is a formula or a standard calculation or some common sense way of how you should be figuring out what your deductible should be on your homeowners insurance?

    I found a few articles...but I know we have some savvy financial people on this board...

    http://www.forbes.com/sites/ashleaeb...00-deductible/

    http://www.bankrate.com/finance/insu...eductible.aspx
    Wife to NSG out of training, mom to 2, 10 & 8, and a beagle with wings.
    Tags: None
  • #2
    I'm curious about this as well. I went with the lower premium with the thought coming up with emergency payment is going to be hard for the first couple of years in the house...
    Kris

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    • #3
      Ours is random. $800.
      Veronica
      Mother of two ballerinas and one wild boy

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      • #4
        Ours is $5000. We would never make a claim on a policy unless it was something really big. In the future I think we may try for an even higher deductible.

        Eta: basically our plan is to keep the deductible amount in savings and if we ever have to make a claim meeting the deductible wont be an issue and we won't have to tap into the emergency fund. This allows us to take advantage of lower monthly payments but still feel comfortable should a catastrophic event occur.
        Last edited by Pollyanna; 06-04-2013, 01:17 PM.
        Tara
        Married 20 years to MD/PhD in year 3 of MFM fellowship. SAHM to five wonderful children (#6 due in August), a sweet GSD named Bella, a black lab named Toby, and 1 guinea pig.

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        • #5
          I think ours is $1000. I don't think we could come up with more than that very quickly in the event we had to get a new roof--hail damage is something to think about here.
          Married to a newly minted Pediatric Rad, momma to a sweet girl and a bunch of (mostly) cute boy monsters.



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          • #6
            Ours is $1500. People gets roofs changed here every couple years. Maybe in the future we'll up it but for now we are comfortable with it.
            Wife to Hand Surgeon just out of training, mom to two lovely kittys and little boy, O, born in Sept 08.

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            • #7
              Thanks for the reminder to look into ours...we haven't re-evaluated our coverage since we bought the house...our deductible is $1000 which is ridiculously low (compared with our assets -- even our health insurance doesn't kick in until $8k!) I don't think $10K sounds bad at all, depending on how much it lowers your premiums.

              I searched the Boglehead forums...heres a good thread. http://www.bogleheads.org/forum/view...p?f=2&t=103185
              Alison

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              • #8
                We just got our policy, and it's in a high risk area (NOLA), so our premium is crazy high no matter what. Our deductible is $1000, except for hurricanes it's 2% (of the value of the house). My understanding is that this is pretty common in high risk areas. I looked at upping the deductible, but it really didn't change the premium enough for it to be worth it to us.
                Allison - professor; wife to a urology attending; mom to baby girl E (11/13), baby boy C (2/16), and a spoiled cat; knitter and hoarder of yarn; photographer

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                • #9
                  Our deductible is $500. Our insurance is pretty cheap, considering we live smack in the middle of an area that has a significant fire season and a major Hot Shots training camp nearby. And we have some pretty great coverage for everything. So weird. Our insurance wasn't as good and was more expensive in the Midwest.

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                  • #10
                    High risk area and 2% hurricane. And "dangerous dog breed"
                    Our premium is ridiculous and deductible is $2000. And we only qualify for govt insurance.

                    I actually need to call about gap coverage and an umbrella...thank you for reminding me. There are only a few downsides to living in FL and this is one of them.
                    Mom of 3, Veterinarian

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                    • #11
                      Ours is also $5K for same reasons Pollyana mentioned.

                      Sent from my BlackBerry 9360 using Tapatalk

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