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Do Insurance and Free Money Go together?

Well they do if you haven't taken a look at your policy deductibles lately. Your home deductible can be anywhere from $100 to $5000. A change from a $100 deductible to a $250 deductible will usually save enough money to pay for any claim that happens in the year. We look at deductibles in two ways. The first is the premium savings. If the money saved is enough to offset the increased deductible in a year or two and your history shows you don't often have claims, it is not much of a risk. Why pay $100 to save $150 on the deductible. Second major item is your personality. I have clients that will not turn in a claim unless it is real big. For them having a small deductible is a waste of time. They are not going to turn in a claim unless it is in the thousands and usually multiple thousands. They usually fix it themselves or can get it handled on their own. Deductibles should be looked at on every policy you own. They can make health insurance more affordable, auto insurance less expensive and money in your pocket from multiple policies can be a good thing. Our only concern is that the change in the deductible does not put the family in a bad place if a claim were to occur. If you can't raise the deductible in short order to make repairs that is as bad as giving the insurance companies your extra money. So next time that policy comes in take a look at the deductible and see if a small change might help ease your budget. Happy spring from Ted Hamm Insurance and here's hoping there is some "free" money in your future.

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