How Can I Change the Deductible on my Policy?
When you choose your homeowners insurance policy there are a lot of different things to consider and often you may need to make some changes along the way. The good thing is that most providers are quite flexible in terms of making changes and you can choose to add more coverage or to change the deductible at any time.
There are a number of instances where you may wish to change your deductible. Many homeowners will actually choose a higher deductible as time goes on. When you first buy a home and get homeowners insurance you probably don't have a lot of spare money lying around. What this means is that you most likely cannot afford a high deductible as you will need to come up with this money before putting in a claim.
As time goes on, however, and the mortgage goes down, you may find that you are saving a little extra. If this is the case, then it might be a good idea to push your deductible up to lower your premium. You can save several hundreds of your premium by doing this and, as long as you don't make a claim, you can benefit from this. Even if there is an accident and you do need to put in a claim, you will have the money saved up so there will not be a problem.
It goes the other way as well, however. You might be happy to keep your deductible quite high when you first move in and your home is brand new. However, as time goes by your house may start sagging and the condition of the structures, such as the roof and the foundation, may start giving your grief. If there is a storm, then your older home may not stand up to the pressure anymore. If this is the case, then you might look at lowering your deductible to reflect the condition of your older home.
Changing Your Insurance Deductible
The most common deductibles to choose include $250, $500, $1000, $2000 and $3000 for homeowners across the nation. You may have more or less options depending on your insurance provider. It is possible to choose an even higher deductible, such as $5,000 if your home is worth a lot and if the insurance company allows it.
It is a good idea to get into the habit of contacting your insurance provider at least once a year, usually around renewal time even if you don't want to change your deductible. You should contact them to see if there is a way to get a better deal. You can also do a quick five minute search to see other rates from other insurance providers. What this does is help you see how competitive your current premium is and how affordable your provider is. You might find that you are paying well over $200 more than the leading competitor and this is something you might want to change by either switching to a new company or asking your provider to match the price.
To change the deductible on your policy all you need to do is make a phone call to your insurance agency. If there are a lot of different numbers, for claims processing, for billing, for policies, for example, choose the 'policy' option. You will then speak to a customer service representative who can help you change your deductible and get your premium much lower or higher. You will need to have your policy number handy which is provided on any bill as well as other main details such as your name and address.