Homeowners can save money on building and contents insurance premiums by increasing deductibles. But they should compare online quotes first.
How to find and buy the cheapest home insurance? One answer is to set a high deductible.
A deductible is the money a homeowner has to pay on a claim before the insurance company starts to pay the loss. It is the homeowner’s responsibility to pay the deductible for the claim. For example, if the homeowner’s deductible is $500, and he or she makes a claim that the insurance company accepts for $10,000, the insurer will pay $9,500 and the insured will pay $500.
Higher Policy Deductibles Mean Lower Policy Premiums
A deductible exempts the insurer from paying an initial amount in the event that the homeowner sustains a loss...Read More