Your insurance deductible is the maximum amount you have to pay out-of-pocket before your policy takes over. Many homeowners believe high-deductible insurance plans are a better strategy. High-deductible policies do require a lower monthly premium, but they aren’t always the best choice. If your home is in the Marietta, GA area, LG Insurance Group suggests that you consider a low-deductible home insurance plan for these 3 reasons.
- Protect your savings. If an accident, fire, theft, or natural disaster ruin your home, you’ll have to pay the deductible costs before your insurance issues a check. High-deductible plans mean you’ll be stuck with exorbitant out-of-pocket expenses that could drain your savings before an adjustor will even consider your claim. A lower deductible plan means you won’t have to part with all of your cash in case of an emergency.
- You do realize small monthly savings by choosing a high-deductible plan. However, the amount you save each month is minimal. If you aren’t investing that money in a high-return account, it would probably be better to pay the higher premium. That way, you can be sure you’re prepared for adverse events.
- Higher deductible home insurance coverage may be light on protection. Since insurance companies don’t make as much on these policies, they don’t offer the same level of protection that other subscribers may enjoy. If you want more than basic home insurance coverage, talk to your insurance agent about the difference between high and low-deductible policies.
LG Insurance Group provides home insurance packages for residents in the Marietta, GA area. Contact us to discuss your home insurance deductible needs.