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I have some damage to my home for $4,000. I had a company come out and quote me $4,000. I called my insurance company and they will pay the remaining balance, but I pay $2500.
My question is, if my insurance deductible is that high, should I be paying the entire deductible?
I don't want to ask the insurance company at the risk of sounding clueless.
Some insurance companies have what they call a disappearing deductible, which means that if you have enough time with no claims they will waive the deductible. It sounds as though your carrier doesn't have that.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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For that small claim I wouldn't report it, rather just try for a better deal and pay it myself. Any claim is cause for them to raise your rates, so in a year or two you could make up the additional $1,500. I would only use the homeowner insurance to be for major claims, in our case 27 years here and have never used it, (Knocking on wood) but it's still gone up to $2,300/year due to lumber and labor costs.
Some insurance companies have what they call a disappearing deductible, which means that if you have enough time with no claims they will waive the deductible. It sounds as though your carrier doesn't have that.
Some insurance companies have what they call a disappearing deductible, which means that if you have enough time with no claims they will waive the deductible. It sounds as though your carrier doesn't have that.
I've heard of that with some auto insurers, but not on homeowners insurance policies. What companies have a "disappearing deductible" for one's home insurance policy?
I've heard of that with some auto insurers, but not on homeowners insurance policies. What companies have a "disappearing deductible" for one's home insurance policy?
I've heard of that with some auto insurers, but not on homeowners insurance policies. What companies have a "disappearing deductible" for one's home insurance policy?
For that small claim I wouldn't report it, rather just try for a better deal and pay it myself. Any claim is cause for them to raise your rates, so in a year or two you could make up the additional $1,500. I would only use the homeowner insurance to be for major claims, in our case 27 years here and have never used it, (Knocking on wood) but it's still gone up to $2,300/year due to lumber and labor costs.
I agree - I have heard of people who had a difficult time getting Homeowners insurance after they submitted three claims. I think I'd just pay the claim since you're already responsible for the first $2500.
Insurance companies typically charge less premium if you have a higher deductible - and a higher premium for a lower deductible. If you're finding the deductible to be painful, you can contact the company or your agent and ask what your premium would be for a lower deductible.
Some insurance companies have a disappearing deductible - and my Auto (Hartford via AARP) insurer is one of them. That said, they've raised my rates every year despite no claims, no tickets. If you have no claims, that disappearing deductible isn't saving you any money.
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