You know you need homeowners insurance to help protect your family from the unthinkable. But are you just going with the standard deductible amount, and do you know what this important part of your policy actually does? Thankfully, our All-Tex Insurance team is here to help. Here’s what you need to know about your home insurance deductible and why it is so important.
What is a Home Insurance Deductible?
A home insurance deductible is simply an agreement between you and the insurance carrier stating that you’re willing to pay for a set amount of damages during a claim before your coverage takes over and handles the rest. It is pretty much the same concept you have on your auto insurance and similar to your health insurance policy.
What is the Best Deductible for Home Insurance in Texas?
There’s really no right answer to this question. What you decide is an appropriate deductible really depends on what you would be able to come up with out-of-pocket easily if your home were damaged in a catastrophic incident, like a tornado or a fire. For some people, this is only a thousand dollars or less. Others feel comfortable with five or ten thousand, thanks to a solid savings account. Choose the figure that best meets your needs.
Does Your Deductible Amount Raise or Lower Your Home Insurance Premiums?
In most cases, having a higher deductible on your Granbury, TX home insurance policy can lower your annual premium. But, again, this means that you are taking on the responsibility of coming up with those funds out-of-pocket if your home is damaged in an incident.
Ready to learn more about home insurance deductibles and why they matter? Please get in touch with our All-Tex Insurance team in Granbury, TX to schedule a no-obligation policy review appointment.
