North Idaho Fine Homes - Josh Ivey and Jennifer Ivey, REALTORS
  • Home
  • Properties
    • 714 Church St >
      • 714 Church St Photo Gallery
    • 24557 Highway 2 >
      • 24557 Highway 2 Photo Gallery
    • 306 Shepherd Rd >
      • 306 Shepherd Rd Photo Gallery
    • NNA Dufort Rd >
      • NNA Dufort Rd Photo Gallery
    • 11295 N Avondale Lp >
      • 11295 N Avondale Lp Photo Gallery
    • NNA Crooked Ear Dr >
      • NNA Crooked Ear Dr Photo Gallery
    • The Cottages - Waterfront Community in Sandpoint, Idaho >
      • The Cottages Photo Gallery
    • 20 Acres - Lone Cedar Lane >
      • 20 Acre Lone Cedar Lane Photo Gallery
    • 180 Deerhaven Dr >
      • 180 Deerhaven Dr Photo Gallery
    • 206 E Third Ave >
      • 206 E Third Ave Photo Gallery
    • 714 Church St >
      • 714 Church St Photo Gallery
    • 6850 Spurwing Loop #204 >
      • 6850 Spurwing Loop #204 Photo Gallery
    • 3921 W Accipter Dr
    • 6416 River Rd
    • 660 Gemini Trail
    • 210 W Third Ave >
      • 210 W Third Ave Photo Gallery
    • 822 Northview Dr
    • Coeur d Alene Area Search
    • Sandpoint Area Search
  • Destinations
    • Coeur d Alene
    • Sandpoint
  • Lifestyles
    • Amusement Park
    • Bicycling
    • Fishing
    • Golfing
    • Outdoor Adventure
    • Skiing
    • Snowmobiling
  • Professionals
  • Perspectives


​I am the master of my fate, i am the captain of my soul

~ William Ernest henley

Deductible Dilemma

9/4/2017

0 Comments

 
Picture
​The purpose of insurance is to shift the risk of loss to a company in exchange for a premium. Most policies have a deductible which reduces the amount of the claim that is paid by having the insured share in the first part of the loss.

In the process of managing insurance premiums, policy holders often consider higher deductibles to lower the premium. Lower deductibles mean less money out of pocket if a loss occurs but also results in higher premiums. Higher deductibles result in lower premiums but require that the insured bear a larger part of the loss.

A small fire in a $300,000 home that resulted in $2,500 of damage might not be covered if the policy holder has a 1% deductible. If the homeowner can afford to handle the cost of repairs in exchange for cheaper premiums, it might be worth it. On the other hand, if that loss would be difficult for the homeowner, a change in the deductible could be considered.

Homes in high-risk flood areas with mortgages from federally regulated or insured lenders require additional flood insurance. However, each homeowner needs to assess the risk of being able to financially sustain a flood loss on their home when flood insurance is not required. The recent events in south Texas and Louisiana are evidence that the unexpected can happen.

​It is important to review your deductible and discuss risks with your property insurance agent so that you’re familiar with the amount and make any changes that would be appropriate before a claim is made.  The FEMA website has information and frequently asked questions about flood insurance.

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Author

    Josh & Jennifer Ivey - Your trusted real estate advisers for all of North Idaho.

    Archives

    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014

    Categories

    All
    Home Buying
    Home Cleaning
    Home Design
    Home Finance
    Home Maintenance
    Home Selling
    Investments
    Lifestyle

    RSS Feed

221 E Sherman Ave
Coeur d' Alene, Idaho 83814

200 Main St
Sandpoint, Idaho 83864
Tomlinson Sotheby's International Realty
Josh Ivey (208) 946-7355
josh.ivey@sothebysrealty.com

Jennifer Ivey (208) 946-7816
jennifer.ivey@sothebysrealty.com

©2016 North Idaho Fine Homes. Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated.