What Deductible Should I Have For Homeowners Insurance?

  1. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    In Connecticut, many if not al of the insurance providers who offer standard issue policies now have a minimum deductible of $1000. You may of course choose any other higher options that they may offer and, of course, the higher the deductible, the lower the premium. Choose the one that best sits in your comfort zone.
    Answered on October 16, 2014
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  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Generally insurance is designed to protect you from catastrophic loss. The definition of “catastrophic loss” varies. For some people a $500 loss would be a catastrophe while others can sustain much larger losses easily. To get the most for your insurance dollar you should take the highest deductible you can afford. Companies sometime offer deductibles that are a percentage of the value of the building. These high deductibles have a profound effect on the premium because they greatly reduce the insurance company’s risk.
    Answered on March 9, 2015
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