Home Insurance Rates
Many factors go into determining the premiums for a homeowners policy. The age of your home, the materials used to build it, where it's located, the square footage and its distance from a fire hydrant all generally play a role in rates.
If you raise your deductible you will be able to lower your premium. You might be more familiar with a flat dollar amount deductible (i.e. $1,000). However, recent years have seen the spread of percentage-based deductibles for all property-damage claims or for certain peril claims, like windstorms.
These policies make you liable for 1 to 5 percent of your home’s insured value (not a percent of the amount of the claim) before the insurance company pays. If you have a 2 percent deductible and your home's insured value is $250,000, you're on the hook for $5,000. Check your homeowners policy's declarations page to make sure you know your current deductible.