What should my home insurance deductible be?

I can't decide how much to pay for my deductible. What's the right answer here?

Answer
Good question! The average deductible for a homeowners policy is $500 or $1,000. That being said, you should choose what works best for your financial situation; there is no official right answer. A deductible is a way for you to share the risk with your insurance carrier. The more you are willing to pay in the event of a loss, the lower your premium will be. You should choose the highest deductible you can comfortably afford in an emergency situation.
Also, depending on which state you live in and which carrier you choose, you may have a deductible that is a percentage of your dwelling coverage, a flat amount, or both, depending on the type of loss incurred. If you are still unsure of which deductible to choose, have a frank and honest discussion with your agent; they can help you come to the right decision.
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Shannon Martin
Answered on Mar 03, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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