Home Owners Insurance (policy questions)

11 Replies

Maybe someone here with experience will have some insight as I'm still trying to figure out the best approach to insurance, but I think I've found a provider that I like in the Midwest (Kansas City area). 

I've got 2 options apparently. $1,000/deductible (more cost per month) or $2,500 deductible (less cost per month) to file a claim. Not sure how often mother nature requires claims to be filed in this part of the country. How serious is wind and hail in the area? Anyone have a recommendation so I can maximize my ROI ?

The homes are in A-Grade neighborhoods with relatively new roofs

The price per month on the $1k deductible is $148/month and the $2.5k deductible is $136/month. Works out to $144 more per year

How comfortable do you feel with $2500 out of pocket?

Some people won’t call insurance unless it’s a huge issue. So if you’re one of those people who won’t do a 1500 claim when a tree falls on your fence, why pay for the lower deductible?

@Rob Bianco , we get some pretty good storms in KC, and hail is fairly common. If it were me, I'd rather have the comfort of the lower deductible for $144/year. 

If you divide $1,500 (deductible difference) by the yearly amount of $144, you could enjoy the lower deductible for 10 years, and I think you might get a claim once a decade. Just a different way of thinking about it.

REIGuard is who we use for insurance.

@Rob Bianco I am with others here in taking the lower deductible.  However, I also want to ask if you have checked with different companies to see if you can get better rates.  I don't know what your damage coverage is, but I'd check with Shelter Insurance, as I found they usually found they are easy to work with and have the best rates.

The $12 per month will make up in the long term if a claim ever has to be made.

Sad to say the weather patterns are changing rapidly and we are in Tornado Alley, as well as we have pretty decent hail storms with great risks of repeat flooding in some areas. I would take the lower deductible and have the peace of mind that if something were to happen that i'm covered with little coming out of pocket. 

Save $144 a month but the deductible will be $1,500 higher. It would take ten years of savings to make up for the $1,500 increase in deductible.

Pay the extra $144 each year and have some peace of mind.