Your insurance deductible is the portion of any covered repairs that you agree to pay. If your deductible is $500 and a hurricane rips a hole in your roof that costs $5,000 to repair, you'd pay $500, and insurance would pay $4,500. Most home insurance deductibles range from $500 to $2,500, but can often be set much higher.
You might already know that raising your deductible is a quick way to lower your premium. Raising it from $500 to $1,000 can drop your rate by as much as 25%. Raising it even more than that could, likewise, lower your premium even more.
