Raising Homeowner's Insurance Deductible Can Save 41%

SAN FRANCISCO, May 28, 2015 /PRNewswire/ -- Raising a homeowner's insurance deductible from $500 to $2,000 lowers the average annual premium by 16% nationally and much more in some states, according to a new insuranceQuotes.com report.

North Carolina homeowners save the most (41%), followed by those in Rhode Island (26%), Florida (23%), Connecticut (22%), Pennsylvania (21%), Massachusetts (20%) and California (19%).

At the other end of the spectrum, the savings are minimal in Hawaii (4%), Indiana (6%) and Texas (also 6%). These meager savings probably aren't enough to justify the added financial risk of a higher out-of-pocket deductible.

Switching from a $500 deductible to a $1,000 deductible results in an average savings of 6% nationally (from a high of 25% in North Carolina to a low of 1% in Kentucky).

"Since savings vary so much from state to state, consumers need to consider the botto line before increasing deductibles," says Laura Adams, insuranceQuotes.com's senior analyst. "While switching from a $500 deductible to a $5,000 deductible sounds appealing because it lowers home insurance premiums by an average of 28%, it could be a risky move for consumers who don't maintain that much in savings."

Click here for more information:

http://www.insurancequotes.com/home/home-insurance-deductibles-52813

insuranceQuotes.com commissioned Quadrant Information Services to measure the impact of changing a homeowner's insurance deductible in each U.S. state and the District of Columbia. Quadrant examined data from the largest carriers (representing 60-70% of market share) in each territory. The home specifications were kept constant in all regions.

About insuranceQuotes.com:

insuranceQuotes.com is the complete insurance comparison shopping site for consumers and the premier customer acquisition platform for insurance agents and carriers. Offering best-in-class research and access to the widest network of carriers and agents in the industry, we make the process of finding the right insurance policy simple and personal. Get unbiased information as you shop for coverage options, make smart comparisons on the plans that best suit your needs, and get connected with providers through one go-to site.

For More Information:

Ted Rossman
Public Relations Director
[email protected]
917-368-8635

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/raising-homeowners-insurance-deductible-can-save-41-300089921.html

SOURCE insuranceQuotes.com

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