Lowering Your Premium

Adjust The Deductible

A deductible is the amount of loss paid by the policyholder before any loss is paid by the insurance company. If you choose a larger deductible, then your premium will be lower. A policy may have different deductibles based on what causes your damage. Some insurance companies sell homeowners insurance policies with percentage deductibles for wind and hail damage, and a flat dollar amount for theft and other damage. In general, the higher your deductible, the lower your premium will be.

 Flat dollar deductibles – The insurance company subtracts this from the amount it will pay for your claim. So if you have $1,000 worth of damage and a $500 deductible, the insurance company pays $500 and you’re responsible for $500. If you have $500 in damage, your insurance company is not responsible for any portion of that claim.

 Percentage deductibles – Percentage deductibles are based on the home’s insured value.  So if a house is insured for $100,000 and has a 2 percent deductible, $2,000 will be subtracted from any claim the insurance company pays. Remember with a percentage deductible, as your home’s insured value increases, the amount you will be responsible for if you have a loss will also increase. Also remember there is a difference between market value (what your house might sell for) and insured value (the amount of insurance you’ve bought).

 As you consider your insurance options, carefully review to make sure you understand your deductibles for various types of damage and losses.

Discounts

Missouri has a highly competitive homeowners insurance market, with more than a hundred companies competing. Prices vary widely by insurance company, as do the discounts they offer. Compare policies and prices at several different companies before choosing your homeowners insurer. Ask your insurance agent if premium discounts are available to you for:

St. Louis City St. Clair County St. Louis County Wayne County Washington County Warren County Stoddard County Shannon County Scott County Ste. Genevieve County St. Francois County St. Charles County Ripley County Reynolds County Ralls County Pike County Phelps County Perry County Pemiscot County Oregon County New Madrid County Montgomery County Mississippi County Marion County Madison County Lincoln County Jefferson County Iron County Howell County Franklin County Dunklin County Dent County Gasconade County Crawford County Carter County Butler County Bollinger County Cape Girardeau County Wright County Webster County Vernon County Texas County Taney County Stone County Shelby County Saline County Ray County Randolph County Pulaski County Polk County Platte County Pettis County Ozark County Osage County Newton County Morgan County Monroe County Moniteau County Miller County Maries County Macon County McDonald County Livingston County Linn County Lewis County Lawrence County Lafayette County Laclede County Knox County Johnson County Jasper County Jackson County Howard County Hickory County Henry County Greene County Douglas County DeKalb County Daviess County Dallas County Dade County Cooper County Cole County Clinton County Clay County Christian County Chariton County Cedar County Cass County Carroll County Camden County Callaway County Caldwell County Buchanan County Boone County Benton County Bates County Barton County Barry County Audrain County Adair County Sullivan County Grundy County Gentry County Andrew County Holt County Clark County Scotland County Schuyler County Putnam County Mercer County Worth County Nodaway County Atchison County