Is it better to have a lower deductible or a lower monthly payment on your home insurance?

I'm shopping for home insurance, but I don't know whether to go for a lower monthly payment or a lower deductible. Which is the better option?

Answer
“Whether you go for a lower deductible or a lower monthly payment for your home insurance depends on your financial situation.
Do you have an emergency fund that would cover your deductible? Or are your funds a bit tighter?
Generally speaking, taking the higher deductible and lower monthly payment is ideal if you have extra funds. If you can’t afford a massive hit to your savings or income, go with the lower deductible.
If you want help looking for ways to save money on your home insurance, try using the free Jerry app. Jerry compares rates from the top companies and delivers the best deals to your phone in minutes, giving you more time to relax at home.”
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Eric Schad
Answered on Aug 17, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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