Wilton Homeowners Insurance Tip #1: How to Select the Optimal Policy Deductible
1) Your homeowners insurance deductible should be affordable2) Insurance is always meant for catastrophic purposes. Deductibles should reflect this. Home insurance is not a maintenance program.
3) Ask your agent for premium costs at various deductible levels so you know how much you can save.
4) Consider your savings over a 3 year period & assume no losses will occur (Note – on average homeowners claims occur once every 7 to 11 years)
5) Use this formula:
If the 3-year savings with a higher deductible is greater than the deductible difference, go with the higher deductible.
For example: The difference between $1,000 and $2,500 deductible is $1,500.
If the savings over 3 years exceed $1,500, go with the higher $2,500 deductible.
For the best homeowners insurance coverage for your needs and budget, give Mills & Mills a call at (203) 762-8373.
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