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The deductible on your homeowners insurance policy is the portion that you must pay before your coverage kicks in and your insurance company pays for the loss. Most Texas homeowners policies involve two deductibles: one for claims involving windstorm, hurricane and hail damage, and one for claims involving all other types of covered damage.

Most Texas insurance companies will determine your deductibles as a percentage of your home’s insured value. A few insurance companies will do a fixed amount deductible. While the percentage deductibles are often higher, and your premiums then lower, the fixed dollar deductible provides an easy way for you to anticipate what you are responsible for if you have to make a claim. At Evans Ewan and Brady Insurance Agency, we can still write a $1,000 deductible and even a $500 deductible.

Percentage deductibles are calculated as a percentage—typically 1% or 2%—of the insured value of your home. So if your home is insured for $250,000 and you have a 1% deductible, your deductible would be $2,500. If you have a 2% deductible, you would be responsible for $5,000 of any covered loss!

Unlike fixed deductibles, percentage deductibles do not remain constant. Every time you increase the insured value of your home, your deductible will increase as well. If the insured value of the home in the example above is increased to $275,000, the 1% deductible would increase to $2,750, and a 2% deductible would increase to $5,500.

We believe it should be up to you to choose your deductible based on the amount that you are comfortable covering in the event of a loss. While higher deductibles are a great way to lower your premiums, it may not always be the best option for everybody. You need to carefully weigh what you would or would not be able to handle if you had a loss.

If you want more choices—more freedom—in choosing your homeowners insurance deductible, contact Evans, Ewan and Brady Insurance Agency. We will get to know you and will understand your needs and the risks you face. We will find assist you in finding the right homeowners policy with deductible options that meet your needs and budget. Contact Evans Ewan & Brady Insurance Agency at 512-869-1511 or email melanie@eebins.com. Visit our website at www.eebins.com.

Posted 4:41 PM  View Comments

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