Question
What is the name of your state? CA
We are purchasing a home and I received some quotes for a Homeowners Insurance. The agent gave me three options:
Annual fee $761 with a $500 deductible
Annual fee $650 with a $1,000 deductible
Annual fee $501 with a $2,500 deductible
In your opinion which is the better one to choose?
Answer
What is the name of your state? CA
We are purchasing a home and I received some quotes for a Homeowners Insurance. The agent gave me three options:
Annual fee $761 with a $500 deductible
Annual fee $650 with a $1,000 deductible
Annual fee $501 with a $2,500 deductible
In your opinion which is the better one to choose?
Gee... I guess... look back, count how many times last year you juggled with blow torches in front of your Doberman and Pitbull, subtract how many criminals in the neighborhood and surrounding counties. add how many locks you have. and there you go....
So so sorry. I couldn't resist.
Answer
Jumping in late here.....
I was advised by my agent to go with a $1k deductible. She said that we probably wouldn't want to turn in anything less than that anyway (keeping in mind that multiple claims can result in higher premiums or nonrenewal).
You will have to think about your own financial situation......can you afford forking out $800 in repairs if you take the higher deductible? Is it worth saving $100-$150? Our discount was greater by taking the higher deductible, and being our 1st home we were on a tight budget at the time. We may lower the deductible in a couple of years, depending on how our premium changes.