For a homebuyer, traversing the landscape of insurance, mortgages and all things required to get that set of keys can be a headache to say the least, especially for first-timers. As a real estate agent, it's your job to provide some unbiased guidance when homebuyers are making decisions such as whether to get homeowners insurance with a higher deductible. InsuranceQuotes recently released its new study comparing home insurance deductible savings across all 50 states, and the savings vary greatly around the U.S. Depending on the state, having a high homeowners' insurance deductible could mean big savings. On average, the study found that an increase from $500 to $1,000 would yield 7 percent savings, $500 to $2,000 would yield 16 percent savings, and $500 to $5,000 would yield 28 percent savings for homebuyers across the U.S. It seems like a no-brainer -- but the higher the deductible, the more financial risk involved if something happens and the homeowner needs to file a claim...
- InsuranceQuotes study determined the average ecomonic impact of increasing a deductible and U.S. home insurance premiums in all 50 states.
- States varied based on the amount of increase in deductible and the probability of natural disasters.
- North Carolina was the big winner for the highest savings on premiums for homeowners raising their deductibles, and Texas was a big loser, according to the report.
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