What if your home insurance deductible increased?

Compare every deductible

Do not stop at the basic all-perils deductible. Look for separate wind, hail, hurricane, named-storm, wildfire, earthquake, or water deductibles. A percentage deductible can be much larger than a flat dollar amount.

Convert percentages to dollars

If your dwelling limit is $450,000, a 2% deductible is $9,000. If the deductible was $2,500 last year, that is a real change even if the annual premium looks better.

Use the Quote Comparison Worksheet to compare premium savings with deductible increases.

Ask before accepting

• Which losses use this deductible?
• Does the deductible apply per claim, per event, or by calendar year?
• Did roof, wind, or hail settlement terms also change?
• Is a lower deductible available, and what would it cost?

Sources

The New York Department of Financial Services explains how deductible choice affects cost, and Colorado requires summaries explaining major coverages, exclusions, cancellation, nonrenewal, and premium increase factors. Review NY DFS cost factors and Colorado DOI homeowners resources.