I just bought my first home, and I am worried about all the different types of insurance I will have to buy. What deductible should I choose for my home insurance?
Deductibles work as follows:
- For instance, if you needed to pay $3,000 for a home repair and had a $1,000 deductible, you would pay the first $1,000, and your insurance would cover the remaining $2,000.
Homeowners’ insurance deductibles often range from $500 to $2,000, with $1,000 being the most popular. Among the things to consider when selecting your deductible are your budget and the coverage you need.
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