When it comes to insurance coverage, there is one question that never fails to plague insured or soon-to-be-insured people: What about my deductible?
If you don't know what a deductible is, here is a crash lesson on it. Basically, your deductible is the amount of money that you have agreed previously to pay your insurance company before filing a claim. In other words, you are only allowed to file a claim after you have paid your deductible.
Here's a fact that some people seem to ignore: Your deductible is not set in stone. While it is true that you have to agree on your deductible before filing a claim, most people seem to think that once they choose a deductible, they have to roll with it forever. This couldn't be farther from the truth.
Raising your deductible can and will save you money in the short term. As you may already be aware of, your deductible is directly linked to your monthly insurance premiums (or how much money you pay each month to be covered). The higher your deductible is, the lower your insurance premiums are, and vice versa.
In Fort McMurray there is not a set deductible when it comes to insurance coverage. Not only do deductibles vary from company to company, they also vary from policy to policy. The more expensive your home is (and the more expensive the items in your home are), the higher your premiums will be... and the higher your deductible will be.
So what's a good deductible for YOU? Unfortunately, at this point we can't tell you that either. What we recommend is that you speak with your insurance company or call on the help of an insurance broker to discuss your options.
Just a friendly reminder before ending this article that whatever you decide to do, always be sure to have enough money to pay for your deductible should anything arise in the future.