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What is your home insurance deductible?


It seems no one ever knows their home insurance deductible until a claim actually occurs.  Then, depending on what your deductible is, there can be shock and dismay.  Deductibles for home insurance in Texas can be divided into 3 different types.  Clause 1 is your wind/hail deductible.  For most homeowner’s this is 1% of whatever your home is insured for.  Say your home is insured for $100,000, then your deductible is $1000.  The dollar amount of your  deductible has nothing to do with the claim amount.  Most insurance companies in Texas won’t let you have a wind/hail deductible less then 1% (some even 2%).  Your clause 2 deductible can be any loss other then wind/hail or depending on the insurance carrier, it might be a hurricane deductible for homes on the Texas coast.  Clause 3 for some carriers will be any covered loss other than wind/hail, such as fire, smoke, water, theft, collapse, explosion, vandalism, etc.  This deductible can (for some insurance carriers) be as low as $500.  When the majority of consumers get home insurance, most companies quote at a 1% deductible for all 3 clauses.  It’s kind of the standard.  You can always ask for lower deductibles (or higher) and see what it does to your premium.  Check your policy and see what your deductibles are and prevent the shock and dismay!


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