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How You Can Choose the Right Deductible for Your Homeowners Insurance in Davis, CA
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Homeowners Insurance in Davis, CA

When it comes to your homeowners insurance in Davis, CA, electing the right deductible is important to get the most out of your policy.

Making sure that you’re getting the most out of your home insurance policy doesn’t have to be as hard as you might think. The best way to do this is by choosing the right homeowners insurance policy, and by choosing the right deductible for said policy. Every insurance policy has a deductible, and there’s no hard set of rules that one has to adhere to because each policy is different and every person has their own unique set of financial circumstances. Below we’ll discuss what you should take into consideration when it comes to the amount of your deductible for your homeowners insurance in Davis, CA.

What Are Deductibles?

Assuming this is your first rodeo with insurance, it may not be very clear on what a deductible actually is. A deductible is the amount you’re going to have to pay before your insurance kicks in and takes over the rest. Let’s say you have a $3,000 deductible. Then you file a claim for, let’s say, $10,000. Your insurance company will pay you $7,000—because it’s the difference between the claim and your deductible.

How to Choose Your Deductible

Your homeowners insurance deductible should be as high as you can reasonably afford. By having a high deductible, your premiums will, in turn, be lower! It’s balancing your short-term costs (your deductible) and your long-term costs (your premiums). The more you can afford in your short-term, the more you can save in the long-term. Before you start thinking the lowest possible premium is what you want, just remember that you should have enough saved up for your corresponding high deductible.

Knowing that you have the right home insurance policy is important, but if you don’t have the right deductible—it’s all for naught. Contact Purves & Associates Insurance Services for all of your insurance needs.