Don’t Leave the “What-Ifs” to Chance

If you are like most individuals, once you put your home and automobile insurance coverage in place you rarely, if ever tune in to the subtle, periodic changes your insurance company makes to the coverage parameters and the associated costs.  These typically include inflationary adjustments to reflect increases in home values and mandates by state regulatory agencies.  If you are more diligent, you proactively work with your property and casualty agent to adjust coverages for such things as home improvements, fine jewelry and art purchases and you might even assess deductibles from time-to-time.  While adding coverage for tangible assets may be obvious, what might not be as clear is a trend by insurance companies to change deductibles from specific dollar amounts to a percentage of your home value. The Basics Overall, both auto and homeowner’s deductibles have been climbing in recent years. While auto deductibles are now often $500 to $1,000, homeowners have moved toward $1,000 to $2,500 a claim from the $250 or $500 that once was common.  Traditional dollar based deductibles are still the norm but State Farm Read on! →