We built a Deductible Calculator which you can use to estimate the impact of different deductible selections on overall policy premium.
First, select the amount of insurance coverage that is closest to your home’s insured value:
Second, select the desired deductible level. $500 is the default, resulting in zero savings:
Estimated premium savings
Please understand this is an approximation and that individual results will vary by location and insurance carrier. You should ask your agent how much you would save given your circumstances.
Higher deductibles also mean you will pay more if you have a claim. You should consider this increased risk relative to the amount of premium you would save.
We are working on a more robust version that will allow you to perform this analysis as well as additional features to provide estimates more customizable to your individual situation.
These comparisons assume a starting deductible of $500 and an annual policy premium of $1,800 per year. We also assume your home insurance rates increase by 5% every year.