Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.

Published: May 03, 2024 5 min read
Photo Illustration of small house flying up in the air with balloons attached to the chimney.
Vanessa Garcia / Money ; Getty Images

Home insurance customers are raising their deductibles to upwards of $5,000 or even $10,000 to offset rising premiums, according to industry reports.

High-deductible policies can save customers hundreds of dollars per year in premiums, but they can prove painful if and when the homeowner files a claim: The deductible is the amount an owner must pay out of pocket before the insurance company covers rest.

Most insurance customers have deductibles between $1,000 and $2,500, but the share of policies with deductibles in that range is shrinking, Guaranteed Rate Insurance, a national brokerage, found in a recent recent report.

"This segment has decreased by 17% over the past five years in favor of even higher deductibles,” the report said. "Deductibles in the range of $5,000 to $10,000 have seen a 49% increase."

Ads by Money. We may be compensated if you click this ad.AdAds by Money disclaimer
Your home is your biggest asset, protecting it should be a top priority
Select your state to get a free home insurance quote from Progressive and make sure that you're fully protected.
HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas
View Rates