Like oldfatguy, I don’t understand your reasoning.If the stated deductible was $30,000, no, I wouldn’t file a claim if the cost was $30,001 because I’d only get $1 from the insurance company but get dinged for making a claim and my rates would likely increase.
What if your stated deductible was $30.000? Then you wouldn’t claim if the cost was $30,001?
Why not use a stated deductible such that the extra dollar wouldn’t change your claiming strategy?
To make filing a claim worthwhile, wouldn’t you want to get more from the insurance company than what your share of the claim is?
As for setting a deductible such that an extra $1 wouldn’t change the claim strategy, I think that would result in not having any insurance at all, because even if the deductible was $400k on a $500k house, I’d probably never put in a claim then.
Why would I care how much the insurance company is paying out on my claim?
The point of homeowner’s insurance is to limit my potential loss.
Statistics: Posted by delamer — Thu Aug 01, 2024 3:24 pm — Replies 13 — Views 418