What Is a Homeowners Insurance Deductible?
En seguro de viviendas
terms, your homeowners insurance deductible is the amount you are responsible for paying out of pocket before your provider covers any insurance claims. The deductible you choose for your policy can affect how much you pay for insurance. If you have a higher deductible, you’ll pay less in annual premiums and vice versa.
Types of Home Insurance Deductibles
There are two main types of homeowners insurance deductibles. These include a standard home insurance deductible and a percentage deductible.
What Is a Standard Deductible?
A standard deductible is a fixed dollar amount that you pay when you file a claim. This means that if you have a $1,000 deductible, then you’ll need to pay $1,000 out of pocket before your insurance company pays for the claim.
What Is a Percentage Deductible?
A percentage deductible is a specific percentage of your home’s insured value. For example, if your home is insured at $200,000 and you have a percentage deductible of 2%, then you would pay $4,000 for a claim.
How Much Is the Average Home Insurance Deductible?
While there is no set amount for the average home insurance deductible, they typically range from $500 to $2,500. According to the Insurance Information Institute (III), most home insurance companies offer a minimum $1,000 deductible.2
What Deductible for Home Insurance Should I Choose?
Wondering, “what deductible for home insurance should I select?” When choosing your deductible, you may consider how a deductible affects the amount you pay in home insurance premiums. Usually, the higher your deductible, the lower your insurance cost will be per year. You may also consider how much you can afford to pay in the event of a claim to help determine your deductible.
If you have questions about homeowners insurance deductibles, The Hartford’s specialists are here to help. Get the coverage you need at a price you can afford through the AARP®
Homeowners Insurance Program from The Hartford.1
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Última actualización: 24 de julio de 2023
2 Insurance Information Institute (III), “Understanding your insurance deductibles”
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