Can I change my homeowners insurance deductible?
Short answer. Yes, most insurers let you change your deductible at renewal and often mid term by contacting your agent. The new deductible only applies to losses after the change takes effect, so you cannot lower it for a storm that already damaged your roof.
How to change it
- Call your agent or log in to your insurer's portal and ask for quotes at two or three deductible levels.
- Ask separately about the all perils deductible and the wind and hail deductible, because they may be set differently.
- Get the effective date in writing and check the updated declarations page.
Limits to expect
- Timing: changes apply going forward. A claim for a storm before the effective date uses the old deductible.
- Storm restrictions: insurers can restrict coverage changes when severe weather is forecast for your area.
- Required minimums: in some areas the carrier only offers a percentage wind and hail deductible, or sets a minimum based on your roof's age or location.
- Lender rules: some mortgage lenders cap how high a deductible you may carry.
Raising versus lowering
A higher deductible lowers your premium, but compare the yearly savings to the extra amount you would pay on a claim. If raising from $1,000 to $2,500 saves $150 a year, it takes ten years without a claim to break even. In hail prone North Georgia, many homeowners find a moderate deductible the better bet. For percentage deductibles, read percentage wind and hail deductibles, and to weigh claim frequency, see does a roof claim raise premiums.