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.


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:

  • Buying home and auto insurance from the same company.
  • Smoke detectors, burglar alarms, sprinkler systems, dead-bolt locks or other safety features.
  • Being at least 55 years old and retired.
  • Being a member of a professional, alumni, or business group.
  • Being a longtime customer.
  • Protecting your home against damage. Example: wind and hail resistant roof shingles.

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