Wilton Homeowners Insurance Tip #1: How to Select the Optimal Policy Deductible

1) Your homeowners insurance deductible should be affordable

2) Insurance is always meant for catastrophic purposes. Deductibles should reflect this. Home insurance is not a maintenance program.

3) Ask your agent for premium costs at various deductible levels so you know how much you can save.

4) Consider your savings over a 3 year period & assume no losses will occur (Note – on average homeowners claims occur once every 7 to 11 years)

5) Use this formula:

If the 3-year savings with a higher deductible is greater than the deductible difference, go with the higher deductible.

For example: The difference between $1,000 and $2,500 deductible is $1,500.

If the savings over 3 years exceed $1,500, go with the higher $2,500 deductible.

For the best homeowners insurance coverage for your needs and budget, give Mills & Mills a call at (203) 762-8373.