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What deductible should I choose for my home insurance?
I'm about to purchase a home insurance policy, but need to choose a deductible. What's the best deductible to have?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since a deductible is what you’re required to pay when a claim is approved, you’ll need to be sure you can pay your portion. You risk your home not being repaired or not getting a claim paid out if you can’t afford your deductible.
Home insurance deductibles vary. Typically, they can be anywhere from $250-$2,000, but some policies may have higher or lower options.
The most common deductible people choose is $1,000. This is because it tends to be high enough to reduce your premium while preventing financial hardship if you have to submit a claim.
Before you select a deductible, think about what you can pay out of pocket. You could always choose a lower deductible until you save for a higher amount. While you’d be paying a higher premium initially, you’d know that you could afford your deductible if you have to submit a claim.
And if you’re worried about your current car insurance deductible or your premium is a bit too high, now is the time to compare quotes from insurers. The
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