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» Insurance » Should I pay down my house insurance deductible?
memberPosted by Chloe 9 views.

Should I pay down my house insurance deductible?


My house deductible is going up from $500 to 1/2% ($1000 minimum). That means for a $100,000 loss, the deductible would be $2,000. If you want the deductible to stay at $500 it costs you $94 extra dollars a year. Which would you choose and why?
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1 Comments :

member1 by mbrcatz 4 years ago.
I'd take the higher deductible - and actually, I have a 3% deductible on my personal homeowners policy.

See, if you file a claim once every five years, with that 1/2% deductible, you break even. With a higher deductible, the break even point is even faster.

It's all about math - just run the numbers.
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Tags : Pay*(7426), House*(2232), Insurance*(40306), Deductible*(449)

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