Yeah, percentage deductibles can actually save you money sometimes, especially for smaller repairs. I've had clients who were surprised their fixed deductible cost them more. Switching mid-policy isn't usually a huge hassle, but some insurers might drag their feet a bit...depends on the company.
Good points there—percentage deductibles can definitely be advantageous in certain scenarios. I've seen homeowners surprised by how much they saved on minor roof repairs after storms, especially when compared to their previous fixed deductible. But it's always a bit of a gamble...if you're unlucky enough to have major damage, that percentage can sting. Still, your point about switching mid-policy is reassuring; most insurers I've encountered are pretty reasonable about it, even if they do take their sweet time processing the paperwork.
Percentage deductibles definitely have their place, especially if you're in an area prone to frequent but minor storm damage. I've seen homeowners relieved when a small repair ends up costing them way less than their old fixed deductible would've. But you're right—when major damage hits, that percentage can really add up fast.
One thing I've noticed on the roofing side is that homeowners sometimes underestimate how insurers calculate the percentage deductible. It's usually based on your home's insured value, not the actual repair cost. So even a seemingly small percentage can translate into a hefty out-of-pocket expense if your home's insured value is high.
Curious if anyone's had experience negotiating or adjusting their home's insured value to better manage deductible costs? I've heard mixed things about whether that's practical or even advisable...
Yeah, totally agree on that insured value point—seen plenty of surprised faces when homeowners realize that percentage deductible isn't based on the repair cost. Had a client last year whose jaw practically hit the ground when he saw his out-of-pocket after a hailstorm damaged part of his roof. He thought it'd be peanuts because the damage was minor, but nope... insured value strikes again.
About adjusting the home's insured value, I've heard mixed things too. Technically, you could lower your insured value to bring down deductibles, but you're kinda gambling with coverage if something big happens. And insurers aren't exactly known for being flexible when it comes to negotiating values—they've got their own formulas and calculators. Plus, if your home is underinsured and disaster hits, you might end up footing an even bigger bill.
Honestly, might be better off shopping around and seeing if another insurer offers a better deductible structure rather than messing with insured values. But hey, insurance is like pizza toppings—everyone has their own preferences and tolerance for risk...
Good points there—seen a lot of homeowners burned by underinsuring just to save on deductibles. Curious if anyone's had luck negotiating flat-rate deductibles instead of percentage-based ones... seems like that might simplify things when smaller repairs pop up.
