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Published: May 03, 2024 5 min read
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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."

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