Homeowner Deductibles

[InsuranceAgent411]

I'm having more and more clients elect to go with 3% ,4% and even 5% deductibles on their homeowner renewals to save on premium. I can not help but think had clients elected higher deductibles sooner the insurance rates would not be as grim as they are now. Are your clients open to the higher deductibles?

 

[Higru]

We haven't been recommending raising to our customers. We're still around 2% wind and hail, but we're 30 miles from the coast. I believe you're spot on with your thinking.

 

[marindependent]

Are your clients open to the higher deductibles?

Ahhhh - Yah

I can not help but think had clients elected higher deductibles sooner the insurance rates would not be as grim as they are now.

Perhaps

I think higher Homeowners Insurance Deductibles and Home Safety and Mitgation strategies are and will be the wave of the future.

It only takes just one insurance claim for a client or their friend to see that insurers are often not easy to work with, slow down the process, or that the coverage is not as clear as they expected. [I mean you cannot really understand coverage from a quote sheet or a 30 second commercial].

Thanks for the post

 

[Al3x Lee]

Percentage deductibles aren't the answer, ACV is. Everyone deserves their actual trash value.

 

[adjusterjack]

I'm having more and more clients elect to go with 3% ,4% and even 5% deductibles on their homeowner renewals to save on premium.

But just how much are they saving?

I had alternate deductibles quoted for my HO renewal and it just wasn't worth it.

 

[NY independent]

Many of our customers are switching over to HO2 from HO3, plus maxing out the deductibles.

 

[Al3x Lee]

Many of our customers are switching over to HO2 from HO3, plus maxing out the deductibles.

I probably would too if I lived in New York lol. What's the average HO3 premium on a 1500 sq/ft house out there?

 

[NY independent]

That's a $600K HO3 coverage A limit. Figure around $3,000 nicely "equipped".

 

[Al3x Lee]

That's a $600K HO3 coverage A limit. Figure around $3,000 nicely "equipped".

That's actually not terrible, a lot better than I assumed it would be

 

[NY independent]

Agreed, but tell that to the policy holder that was paying $1800 at expiration with a $450K coverage A limit, with a son who is a contractor who can rebuild at $300K.....