What is a deductible, and how high should my deductible be on my homeowner's insurance policy?

A deductible is a certain amount of money that you have to pay out of pocket before your insurance company will cover any losses under your homeowner’s insurance policy. The higher your deductible, the less expensive your homeowner’s insurance policy will be. Plus, if your deductible is higher, you will tend to file fewer claims with your insurance company, which will help keep insurance policy prices lower for you.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

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