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Are home insurance deductibles annual?
I’m a new homeowner and I don’t know much about how deductibles work or when to pay them. Are home insurance deductibles annual?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Happy to assist! Home insurance deductibles aren’t annual—you only pay when you make a claim.
Let’s say your deductible is $1,000, and you just filed a claim for $10,000 for water damage from a burst pipe. Your home insurance company will pay you $9,000 for the claim. You’ll have to pay the remaining $1,000 out of pocket to the repair company.
That’s why it’s important to be mindful when making a claim. If your deductible is $1,000 for $1,100 in damage, it might not be worth the trouble to file the claim for a $100 reimbursement.
Here’s a general list of when not to make a home insurance claim:
- The damaged item is excluded from your policy
- The damage is worth less than your deductible
- The damage was caused by a peril not listed in your policy
If you’re unsure about what your coverage includes or excludes, reach out to an agent at your home insurance company for clarity.
To ensure you’re getting a good deal without sacrificing coverage, the Jerry app is a good place to start. A licensed broker,
Jerry
does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new home insurance. Jerry will even help you cancel your old policy.MORE: What does home insurance coverage include and exclude
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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