What is a percentage deductible on my homeowner's insurance

Some Homeowner's Insurance carriers are starting to apply percentage deductible's to clients homeowner's insurance policies.

These deductibles are getting applied with very little notice and are catching the insured's off guard when a claim happens.

State Farm is one of these insurance carriers. The percentage deductible will mean you no longer have a $500 or $1,000 deductible. You will have a 1% or 1/2% of your dwelling amount as your new deductible.

As you may or may not know, your dwelling amount increases each year due to an inflation guard which means your deductible will increase each year as well.

If you are with a carrier that gives you a percentage deductible, it is time to talk to an independent insurance agent to get a better insurance policy.
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