What Is The Highest Possible Deductible For Home Insurance?
7647 POINTSview profileMark Bartlett CLCSBranch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance CarriersMost polices will max out at a 5000 deductible. However some carriers will go as high as 10,000 and if your home is what we call high value I have seen deductibles easily hit 50,000. High value would mean homes with a replacement value of at least 1.5 million in coverage.Answered on April 14, 2014flag this answer
820 POINTSview profilePete WittmanPresident, The Wittman Group, TennesseeThe answer to this question is based entirely upon the carrier and the state. Most carriers offer a range of deductibles from $500 - $5000. If you own a high end home, the deductibles offered can be in the $10,000 - $50,000 range. Another type of deductible you may see is a separate wind/hail deductible. Originally, these deductible were found on homes in the hurricane belt, but in recent years, the South & Midwest have resorted to this deductible due to the number of tornados, high straight-line winds & hail claims. Often, the wind/hail deductible is shown as a percentage of the replacement cost of the home. For example, a 5% wind/hail deductible on a $400,000 home would be $20,000. Other separate deductibles for other causes of loss might be earthquake & flood.Answered on April 16, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaSome carriers offer a percentage deductible in some states. In that case the amount of property coverage for the residence is multiplied by the percentage deductible to develop how much of the claim is the responsibility of the homeowner.Answered on May 30, 2014flag this answer
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