Video: High Deductible Home Insurance

High Deductible Home Insurance

High deductible home insurance refers to the money you have to pay when you make a claim. Learn about high deductible home insurance with help from a professional engineer in this free video clip.

Video Transcript

Hi, I'm Rick Koller. I'm the chief operations officer of Criterium-Tauscher Cronacher Professional Engineers, and we're discussing high deductible home insurance. When you choose your home insurance you have a couple of options. Do you choose a higher deductible or a lower deductible? The deductible is the out-of-pocket cost to you when you put a claim in. So for example if you've got damage to a roof and you have $1,000 deductible, if the damage to that roof is less than $1,000 you are basically going to pay for all the expenses out of pocket. If the cost for that damage or to repair that damage is $2,000 and your deductible is $1,000, the first $1,000 comes out of your pocket, the second $1,000 is part of your insurance coverage. So you really need to make a decision as to whether or not you are going to take a lower deductible and have less out of pocket per claim but that usually means that your annual premium is a little bit more expensive or you are going to take a higher deductible and have more out of pocket per claim but your annual premium is actually less per month because you are taking on more of the risk. So those are just some of the basics when it comes to home insurance and a high deductible premium. I'm Rick Koller the chief operations officer for Criterium-Tauscher Cronacher Professional Engineers and we just discussed high deductible home insurance.

High Deductible Home Insurance

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