Is Homeowners Insurance Deductible

If he had a $300,000 home and the deductible was double what he pays now, “that would be a different decision,” says Corbett, who writes a personal finance blog. State Farm, the largest U.S. property and casualty insurance company by market share In Texas we HAD 2-deductibles that were part of the homeowners insurance policy. Based on the type of loss that happened on the property deductible 1, or deductible 2 applied. Today, however some insurance companies have introduced a 3rd deductible. AUSTIN — State Farm Insurance is switching many of its 1.2 million homeowner policies in Texas to significantly higher deductibles, requiring customers to shoulder a greater share of their property losses and paving the way for smaller insurers to make a You can decrease your insurance costs by increasing the amount of your deductible, meaning you'll be required to pay more if you ever do have an incident that requires you to make a claim. Keep in mind that many mortgage providers require homeowners to Hurricane damage could cost you more these days, thanks to hurricane and windstorm deductibles insurance, a separate form of coverage provided through the federal government's National Flood Insurance Program. While many agents who sell homeowners As a result, homeowners increasingly are on the hook for thousands of dollars in repairs before the insurer pays any part of a claim. Percentage deductibles were first widely implemented in earthquake insurance in the West in the early 1990s, and later .

As property insurance grows costlier, more Texas homeowners are opting for higher deductibles. The percentage of homeowners with deductibles of 2 percent or greater climbed to 17 percent last year, up from 10 percent in 2005. And the increase is more If he had a $300,000 home and the deductible was double what he pays now, "that would be a different decision," says Corbett, who writes a personal finance blog ( ncnblog.com) . State Farm, the largest U.S. property and casualty insurance company by (KMOV.com) -- A trend in the home insurance industry could end up costing homeowners big. Instead of a flat deductible, some companies have added a wind and damage clause that makes homeowners responsible for paying for a larger percentage of repairs. For many, it means turning the typical $500 deductible into 1 percent of the insured value - for a $250,000 house, that means a gasp-producing $2,500. "My clients who have been offered this initially say, 'I don't like this,'" Dunn says. But then she .

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