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How to choose a better homeowners insurance deductible
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[QUOTE="Jasz, post: 293501, member: 61772"] A deductible is the amount of money you have to pay out of pocket before your insurance company will start paying anything. The higher the deductible, the less coverage you have and the more you pay out of pocket for repairs or damage. If you have a high deductible on your homeowners insurance, it can save money in the short term — but it could end up costing more in the long run. Here's why: It can be cheaper to pay for a loss than fix or replace it. If you're only paying $50 to replace a broken window, rather than paying thousands for someone to fix it, it makes sense to choose the cheaper option. But if your deductible is high enough that you end up having to pay multiple times that much before the insurance kicks in, then it might not make sense at all. Your monthly payments will be higher if you have a low deductible and need many repairs made. You'll end up paying more overall because instead of paying $500 per broken window, you might end up paying $1,000 each time (and every time!). A high deductible evens out over time by reducing how much coverage you need upfront. [/QUOTE]
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