Oftentimes, insureds pick too high of a deductible that in turn prevents them from making claims after a loss and using the insurance for its intended purpose. In many cases, insureds pick a deductible that’s a few thousand dollars higher than they should in an attempt to save less than $100 a year. This makes no sense because most of claims they submit will fall within the deductible; the insurance never gets utilized and the insured ends up paying for years on a policy he or she can never use. For the average property, a deductible that is more than $1000 is usually too high. Unless you live in a mansion or have high coverage limits, your deductible does not need to be over $1000. Depending on your coverage and policy premium amount, the difference in savings between a $1000 deductible and a $5000 deductible is usually less than $100-$200 annually! By having a high deductible, you’ve successfully eliminated thousands of dollars from your insurance settlement in order to save a few measly dollars per year (and saved your insurance company thousands of dollars… man, they’re gonna love you!) It is highly recommended that you dig up your policy and review the coverage limits and deductibles so you can determine if there is need to make any adjustments. If you need assistance, Phoenix Public Adjusting’s insurance experts will be glad to provide you with a complimentary review and analysis of your policy or policies and make sure you are adequately covered and have the appropriate deductibles.