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Home Insurance Video Series: How Much of a Deductible Should I Have on My Homeowners Insurance?

Joseph Coupal - Wednesday, March 25, 2020

The Crackman, Rich Comeras, as a public service, shares common questions that homeowners have regarding a wide range of homeowner insurance coverages. Today he is joined by his friend, Peter Marshall, from Marshall Insurance where they discuss: HOW MUCH OF A DEDUCTIBLE SHOULD I HAVE ON MY HOMEOWNERS INSURANCE?

Rich: Hi, this is Rich from A1 Foundation Crack Repair, I’m here with Peter Marshall from Marshall Insurance. And we’re going over a question that often comes up, or should come up, is how do I determine how much of a deductible I should have on my homeowner’s insurance?

Peter: It’s a great question and I get asked it often. Back when I started in the industry, in the mid-90s, some people had a $250 property deductible on their homeowner’s. We really don’t see that anymore; over time it increases. The standard for years has been $500, but more and more, I’d say over the last 10 years or so, I’m having customers opt for $1,000, and that’s -- we’re almost getting to a point where that’s more the standard deductible. And the reason is, and what I talk my customers through is, you need to look at the savings to go from a $500 to a $1,000 deductible. And I tell them, we need to look at the breakeven point. If the savings on the premium to go with a higher deductible occurs within 2-3 years, you’re probably going to want to go with the higher deductible, because odds are, you won’t have a claim in the first 2-3 years. And if you don’t, after that you’re ahead of the game. Now, the premium savings, money in your pocket has exceeded that $500 increase that you might have to pay if you have a claim. So that guaranteed savings on the premium versus something you might have to pay if you have a loss. It’s worth it in most cases, to go with a $1,000, not always, and it’s something to look at closely. Great question.

Rich: Thank you, Peter. And if you have any insurance issues, feel free to call Peter Marshall from Marshall Insurance.

If you have a basement water problem and think you need a professional, or, if you’d like more information on foundation repair and waterproofing topics, please visit or call Rich at (866) 929-3171. Or you can email rich at Thanks for watching and keep that basement dry.

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