If you have not realized it already home and auto insurance carriers no longer want you carry a low deductible. After writing many home policies we have found it is better for the insured to carry a higher deductible. The premiums charged by the carriers no longer make it wise to carry a deductible under $500. A $1,000 deductible does provide some premium relief as well. Homeowners insurance is not there for the small claims, it is there in case of a large or catastrophic loss.
By choosing a higher deductible you get some premium relief and the higher the more relief you receive. We have found a deductible of $2500 typically provides peace of mind and significant premium reductions for most of our clients. If a large claim arose that needed to be submitted, you will still be made whole. Homeowners claims are far and few between. Many homeowners never make a claim on their policies in their lifetime.if you save $500 per year by carrying a $2500 deductible in 5 years you save $2,500 in premium. Pretty much after the 5 years you are ahead of the deductible. Of course if a claim did arise we recepommend using a public adjust to negotiate a fair settlement with the carrier as well. Many times the carrier will low ball the settlement just hoping to close it out and save some outlay on their end.
If your looking to maintain your coverage, raise your replacement cost and offset the additional premium, but yet be properly covered or just get premium relief. Then raising your deductible might be the best decision for you.