Are you looking for a way to save some money on your homeowner’s insurance policy? Perhaps an effective solution for you would be to increase your deductible, which in turn, can save you money in the long run.
The average homeowner files a claim only once every nine years or longer. Simply by raising your deductible, you have the potential to save on average a little more than $100 a year in premiums, working out in your favor, especially over time.
While many homeowners may be concerned with the fact that you will have to pay more out of pocket when filing a claim, it may not be often enough that you will need to file such claims, making the higher premiums less noticeable to your wallet.
There are other benefits from adjusting your homeowner’s insurance deductible, including the following:
- Lower premiums- A higher deductible reduces the cost of your insurance, saving you money.
- Increased cash flow- With less money coming out of your account to cover your insurance premiums, the more money you will have to cover other regular expenses, such as utilities, groceries, and other expenses.
- Reduced claims- If you have a small loss or theft, where costs will likely fall short of your deductible amount, you can opt to not file a claim, deciding whether or not you want to replace the item. After all, fewer claims will also help to keep your premiums lower.
While this may be a good way to save you money, it is important to note that you will need to ensure you have enough money in savings or another emergency fund that you can easily access in the event that you will need to file a claim, ensuring you have enough to cover your full deductible.
Your insurance agent is your best resource, and can help you to decide if a higher deductible is right for you and your financial needs. Contact Brazelton Insurance Group for more information today!