{"id":3161,"date":"2024-08-22T16:33:21","date_gmt":"2024-08-22T16:33:21","guid":{"rendered":"https:\/\/www.gethomeinsurancequotes.com\/blog\/?p=3161"},"modified":"2024-08-22T16:33:21","modified_gmt":"2024-08-22T16:33:21","slug":"are-homeowners-insurance-companies-increasing-deductibles","status":"publish","type":"post","link":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/","title":{"rendered":"Are homeowners insurance companies increasing deductibles?\u00a0"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

This year many homeowner insurance companies have been raising their homeowner percentage deductible from 1% to 2% which could be a massive increase for policyholders who have to make a claim on their policy. It has led to many homeowners shopping their coverage as their out-of-pocket costs skyrocket. <\/p>\n\n\n\n

 As the cost of claims increases, particularly claims related to natural disasters, insurers have had to reassess their costs and how much they will pay out to cover claims. While raising deductibles helps insurers stay profitable, it shifts more financial responsibility on to the policyholder, which some homeowners simply cannot afford. <\/p>\n\n\n\n

\n

Dr. Emily Green, an economist, said in a recent Live Insurance News article that \u201cRaising deductibles may lead to a drop in insurance coverage, especially for low-income families, ultimately increasing the financial vulnerability of homeowners.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Will have a big Impact on homeowners<\/strong><\/h2>\n\n\n\n

While one percent doesn\u2019t sound like much, when it comes to homeowners insurance a one percent increase can translate into thousands of dollars. As an example, a 1 percent deductible on a home insured for $350,000 is $3,500 but once an insurer doubles it to 2% a homeowner is looking at $7,000 out of pocket. This can be a massive challenge for some homeowners, particularly those already struggling with high insurance costs. <\/p>\n\n\n\n

\n

Michael Lee, an Insurance Executive, said in the recent Live Insurance News article, \u201cWhile this change may seem challenging for homeowners, it\u2019s a necessary adjustment to ensure the sustainability of the insurance market in the face of rising natural disaster costs.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Another impact of increased deductibles is that homeowners may be less likely to make a claim on their policy as their deductible would be too high or would not justify the expense of making a claim. <\/p>\n\n\n\n

Some insurers moving to Differential Deductibles <\/strong><\/h2>\n\n\n\n

As climate change ramps up natural disasters and leads to more claims, some insurers are moving to a differential deductible which means that a flat rate deductible applies to more basic claims but if you have to make a claim for a natural disaster or other major peril such as fire damage or wind or hail, you would be looking at a percentage deductible. For example, if your home is insured for $350,000 and experiences a burst pipe that damages your basement, your deductible would be $1,000 or whatever deductible you chose when purchasing the policy. <\/p>\n\n\n\n

However, if your home is damaged by a wildfire or hail from a storm, your percentage deductible would kick in and if you have a 1% deductible your out-of-pocket costs would be $3,500 but if those deductible double, as many insurers are proposing, you will now need to come up with $7,000 to fix your home. <\/p>\n\n\n\n

While this allows insurers to limit their exposure, it shifts a huge burden onto the policyholder who must pay a massive deductible before their home will be repaired. It is important that homeowners understand the deductibles that come with their policy so they know what they will have to pay when making a claim. If you have any questions about your policy, contact your agent or insurer. <\/p>\n","protected":false},"excerpt":{"rendered":"

This year many homeowner insurance companies have been raising their homeowner percentage deductible from 1% to 2% which could be a massive increase for policyholders who have to make a claim on their policy. It has led to many homeowners shopping their coverage as their out-of-pocket costs skyrocket.   As the cost of claims increases, particularly […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[172,66,270,14,531],"class_list":["post-3161","post","type-post","status-publish","format-standard","hentry","category-questions","tag-claim","tag-coverage","tag-deductible","tag-home-insurance","tag-homeowners-policy"],"yoast_head":"\nAre homeowners insurance companies increasing deductibles?\u00a0 - Homeowners Insurance Blog<\/title>\n<meta name=\"description\" content=\"This year many homeowner insurance companies have been raising their homeowner percentage deductible from 1% to 2% which could be a massive increase for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are homeowners insurance companies increasing deductibles?\u00a0 - Homeowners Insurance Blog\" \/>\n<meta property=\"og:description\" content=\"This year many homeowner insurance companies have been raising their homeowner percentage deductible from 1% to 2% which could be a massive increase for\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/\" \/>\n<meta property=\"og:site_name\" content=\"Homeowners Insurance Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-22T16:33:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2024\/08\/raising-insurance-deductibles.jpg\" \/>\n<meta name=\"author\" content=\"Mark Vallet\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark Vallet\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/\"},\"author\":{\"name\":\"Mark Vallet\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#\/schema\/person\/518325eb863e9298eb42f364afec45e8\"},\"headline\":\"Are homeowners insurance companies increasing deductibles?\u00a0\",\"datePublished\":\"2024-08-22T16:33:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/\"},\"wordCount\":520,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2024\/08\/raising-insurance-deductibles.jpg\",\"keywords\":[\"claim\",\"coverage\",\"deductible\",\"home insurance\",\"homeowners policy\"],\"articleSection\":[\"Questions\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/\",\"url\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/\",\"name\":\"Are homeowners insurance companies increasing deductibles?\u00a0 - Homeowners Insurance Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2024\/08\/raising-insurance-deductibles.jpg\",\"datePublished\":\"2024-08-22T16:33:21+00:00\",\"description\":\"This year many homeowner insurance companies have been raising their homeowner percentage deductible from 1% to 2% which could be a massive increase for\",\"breadcrumb\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#primaryimage\",\"url\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2024\/08\/raising-insurance-deductibles.jpg\",\"contentUrl\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2024\/08\/raising-insurance-deductibles.jpg\",\"width\":1000,\"height\":667},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Are homeowners insurance companies increasing deductibles?\u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#website\",\"url\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/\",\"name\":\"Best Homeowners Insurance Blog\",\"description\":\"Your source for home insurance information, tips, and resources.\",\"publisher\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#organization\",\"name\":\"GetHomeInsuranceQuotes.com\",\"url\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2023\/09\/get-home-insurance-quotes-logo.png\",\"contentUrl\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2023\/09\/get-home-insurance-quotes-logo.png\",\"width\":200,\"height\":80,\"caption\":\"GetHomeInsuranceQuotes.com\"},\"image\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/HomeInsKing\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#\/schema\/person\/518325eb863e9298eb42f364afec45e8\",\"name\":\"Mark Vallet\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/5b11ce9eb09ba7b8a35f0ba9ec696fed?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/5b11ce9eb09ba7b8a35f0ba9ec696fed?s=96&d=mm&r=g\",\"caption\":\"Mark Vallet\"},\"description\":\"Mark Vallet specializes in home insurance news, research and consumer supported information. Vallet is greatly admired and supported by both insurance professionals and homeowners looking for information to help them make wise decisions when it comes to buying a home or purchasing home insurance coverage.\",\"url\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/author\/mark\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Are homeowners insurance companies increasing deductibles?\u00a0 - Homeowners Insurance Blog","description":"This year many homeowner insurance companies have been raising their homeowner percentage deductible from 1% to 2% which could be a massive increase for","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/","og_locale":"en_US","og_type":"article","og_title":"Are homeowners insurance companies increasing deductibles?\u00a0 - Homeowners Insurance Blog","og_description":"This year many homeowner insurance companies have been raising their homeowner percentage deductible from 1% to 2% which could be a massive increase for","og_url":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/","og_site_name":"Homeowners Insurance Blog","article_published_time":"2024-08-22T16:33:21+00:00","og_image":[{"url":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2024\/08\/raising-insurance-deductibles.jpg","type":"","width":"","height":""}],"author":"Mark Vallet","twitter_misc":{"Written by":"Mark Vallet","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#article","isPartOf":{"@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/"},"author":{"name":"Mark Vallet","@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/#\/schema\/person\/518325eb863e9298eb42f364afec45e8"},"headline":"Are homeowners insurance companies increasing deductibles?\u00a0","datePublished":"2024-08-22T16:33:21+00:00","mainEntityOfPage":{"@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/"},"wordCount":520,"commentCount":0,"publisher":{"@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#primaryimage"},"thumbnailUrl":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2024\/08\/raising-insurance-deductibles.jpg","keywords":["claim","coverage","deductible","home insurance","homeowners policy"],"articleSection":["Questions"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/","url":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/","name":"Are homeowners insurance companies increasing deductibles?\u00a0 - Homeowners Insurance Blog","isPartOf":{"@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#primaryimage"},"image":{"@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#primaryimage"},"thumbnailUrl":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2024\/08\/raising-insurance-deductibles.jpg","datePublished":"2024-08-22T16:33:21+00:00","description":"This year many homeowner insurance companies have been raising their homeowner percentage deductible from 1% to 2% which could be a massive increase for","breadcrumb":{"@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#primaryimage","url":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2024\/08\/raising-insurance-deductibles.jpg","contentUrl":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2024\/08\/raising-insurance-deductibles.jpg","width":1000,"height":667},{"@type":"BreadcrumbList","@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/are-homeowners-insurance-companies-increasing-deductibles\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.gethomeinsurancequotes.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Are homeowners insurance companies increasing deductibles?\u00a0"}]},{"@type":"WebSite","@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/#website","url":"https:\/\/www.gethomeinsurancequotes.com\/blog\/","name":"Best Homeowners Insurance Blog","description":"Your source for home insurance information, tips, and resources.","publisher":{"@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.gethomeinsurancequotes.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/#organization","name":"GetHomeInsuranceQuotes.com","url":"https:\/\/www.gethomeinsurancequotes.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2023\/09\/get-home-insurance-quotes-logo.png","contentUrl":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2023\/09\/get-home-insurance-quotes-logo.png","width":200,"height":80,"caption":"GetHomeInsuranceQuotes.com"},"image":{"@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/HomeInsKing"]},{"@type":"Person","@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/#\/schema\/person\/518325eb863e9298eb42f364afec45e8","name":"Mark Vallet","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.gethomeinsurancequotes.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/5b11ce9eb09ba7b8a35f0ba9ec696fed?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/5b11ce9eb09ba7b8a35f0ba9ec696fed?s=96&d=mm&r=g","caption":"Mark Vallet"},"description":"Mark Vallet specializes in home insurance news, research and consumer supported information. Vallet is greatly admired and supported by both insurance professionals and homeowners looking for information to help them make wise decisions when it comes to buying a home or purchasing home insurance coverage.","url":"https:\/\/www.gethomeinsurancequotes.com\/blog\/author\/mark\/"}]}},"_links":{"self":[{"href":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-json\/wp\/v2\/posts\/3161"}],"collection":[{"href":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-json\/wp\/v2\/comments?post=3161"}],"version-history":[{"count":1,"href":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-json\/wp\/v2\/posts\/3161\/revisions"}],"predecessor-version":[{"id":3163,"href":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-json\/wp\/v2\/posts\/3161\/revisions\/3163"}],"wp:attachment":[{"href":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-json\/wp\/v2\/media?parent=3161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-json\/wp\/v2\/categories?post=3161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-json\/wp\/v2\/tags?post=3161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}