Can I lower my home insurance deductible?
Short answer. Usually, yes. You can ask your insurer to lower your deductible in exchange for a higher premium, though some carriers only offer a percentage wind and hail deductible in certain areas or for older roofs. A lower deductible only applies to future losses.
Is it worth paying for?
Compare the extra premium to the extra protection. Hypothetical example: lowering from $2,500 to $1,000 costs $180 more a year and saves $1,500 on any claim. If you expect a claim within about eight years, the lower deductible pays off. In parts of North Georgia that see hail every few seasons, that can be a reasonable bet.
The wind and hail deductible is the one that matters
Most roof claims are wind or hail. If your policy has a 2 percent wind and hail deductible, lowering only the all perils deductible does nothing for a storm roof claim. Ask specifically:
- Can I switch from a percentage wind and hail deductible to a flat dollar amount?
- Can I move from 2 percent to 1 percent, and what does it cost?
- Does my roof's age limit which deductibles you offer?
Other ways to reduce what you pay on a claim
- Make sure your roof is covered at replacement cost rather than actual cash value, which often matters more than the deductible. See roof age and insurance.
- When the roof is replaced, consider impact-resistant shingles, which some insurers credit.
- Keep the claim clean: never accept a roofer's offer to cover the deductible, which is illegal in Georgia.
For how percentage deductibles are calculated, see percentage wind and hail deductibles.