Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-29-2011, 09:20 PM
 
1,729 posts, read 4,998,122 times
Reputation: 850

Advertisements

I have a Homeowner's Policy that is costing me $1,297 per year. My deductible is $500. My house is high-priced, but I am in a fixed-income. I want to increase the deductible to $1,000, in order to reduce cost per year.

Do you think it is wise to do so? Thank you,
Reply With Quote Quick reply to this message

 
Old 06-29-2011, 09:31 PM
 
10,222 posts, read 19,213,191 times
Reputation: 10894
Since you haven't posted the price of the policy with a $1000 deductible, I'm not sure how you expect anyone to give advice.
Reply With Quote Quick reply to this message
 
Old 06-29-2011, 09:35 PM
 
1,787 posts, read 5,747,801 times
Reputation: 1301
Call your insurance company to find out how much less your policy will cost with the lager deductible. You might only be saving $20.
Reply With Quote Quick reply to this message
 
Old 06-29-2011, 09:39 PM
 
Location: NJ
17,573 posts, read 46,144,871 times
Reputation: 16279
Do you use the same company as your car insurance? That can save you money. You can also shop around different companies.
Reply With Quote Quick reply to this message
 
Old 07-01-2011, 01:38 PM
 
1,729 posts, read 4,998,122 times
Reputation: 850
Quote:
Originally Posted by timneh5 View Post
Call your insurance company to find out how much less your policy will cost with the lager deductible. You might only be

saving $20.

I called my insurance company, and I will be saving $126 per year. Do you think it is worth it? In 33 years, I have never had any reason to use the policy, but with all these tornados coming this way, I fear, but yet find it pricey for a retired person, and this policy was taken out through AARP, imagine if I went with another company. They were less expensive.
Reply With Quote Quick reply to this message
 
Old 07-01-2011, 02:07 PM
 
Location: New Jersey
2,257 posts, read 5,188,336 times
Reputation: 1877
Depends on how risk averse you are. You save $126 per year but in case of an incident, you will have to pay $500 more out of pocket. You will break even and start 'saving' assuming nothing happens in the next 4 years. Given that you are on fixed income, would you rather pay $126 more every year and have the peace of mind, or would you rather save $126 per year and be prepared for a one-shot $500 additional expense which can happen anytime? A single incident every 4 years will wipe off your savings. God forbid if there is more than one incident in 4 years, you will end up spending more on your insurance.
Reply With Quote Quick reply to this message
 
Old 07-01-2011, 02:21 PM
 
Location: NJ
31,771 posts, read 40,698,345 times
Reputation: 24590
one question is how much would it hurt you if you did need to spend that additional 500. for me, im ok with higher deductibles because its not going to hurt me if i roll the dice and end up paying more. but if you dont have reserves for that situation, it could be bad for you.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey
Similar Threads

All times are GMT -6. The time now is 05:45 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top