By: Ajay kumar Medagani  Oct.10, 2018

Gavop analyzed net savings on home insurance between the higher ($2,500) and lower ($500) deductible plans in Hammond, Indiana, and found that homeowners choosing the lower deductible plan save as much as $430 in total yearly spending. This citywide calculation is based on a hypothetical claim amount of $1,000. For a $500 deductible, Hammond’s citizens pay a median yearly premium of $450 and with a higher deductible of $2,500, this value is $380.

These numbers differ widely from the statewide numbers.  For a hypothetical claim of $500, Indiana’s homeowners save about $100 if they choose the higher deductible plan. They pay a median yearly premium of $590 with the lower deductible plan and $490 with the higher deductible one.

The Gavop study also analyzed home insurance premiums in 10 locations within a 50-mile radius of Hammond. For a hypothetical amount of $2,000, the residents of South Elgin and Willow Springs can save as much as $1,330 and $1,320, respectively, by choosing the lower deductible plan. In Willow Springs, homeowners pay a median insurance premium of $1,210 for $500 deductible plans and $1,030 for $2,500 plans. In South Elgin, they pay a median premium of $1,040 for $500 plans and $870 for $2,500 plans.

For a hypothetical claim amount of $300, homeowners in Hinsdale save $260, while those in South Barrington save $70 more at $330, with the higher deductible plan. In Hinsdale, the median home insurance premiums paid by citizens is $1,980 for $500 deductible plans and $1,720 for $2,500 ones. In South Barrington, these numbers are $2,190 and $1,860.

The graph below compares the net savings between Hinsdale and South Barrington, Indiana.

The table below calculates net savings on home insurance for the two deductible plans against a hypothetical claim amount in 10 locations within a 50-mile radius of Hammond. In addition, it presents the average yearly premium and total yearly cost in insurance for the same locations.

		Low Deductible ($500)		High Deductible ($2,500)
Place	Example Claim Amount	Yearly Premium	Total Yearly Cost	Yearly Premium	Total Yearly Cost	Net Savings for High Deductible Plans
Indiana	$500	$590	$1,090	$490	$990	$100
Lake County, IN	$2,000	$700	$1,200	$590	$2,590	-$1,390
Hammond, IN	$1,000	$450	$950	$380	$1,380	-$430
Midlothian, IL	$2,500	$790	$1,290	$660	$3,160	-$1,870
Willow Springs, IL	$2,000	$1,210	$1,710	$1,030	$3,030	-$1,320
South Elgin, IL	$2,000	$1,040	$1,540	$870	$2,870	-$1,330
Mount Prospect, IL	$1,500	$930	$1,430	$810	$2,310	-$880
Seward, IL	$1,000	$1,140	$1,640	$960	$1,960	-$320
Chicago Heights, IL	$400	$560	$960	$480	$880	$80
Hinsdale, IL	$300	$1,980	$2,280	$1,720	$2,020	$260
South Barrington, IL	$300	$2,190	$2,490	$1,860	$2,160	$330
Deerfield, IL	$200	$2,350	$2,550	$1,950	$2,150	$400
Oak Lawn, IL	$100	$940	$1,040	$810	$910	$130

For more information on Hammond, Indiana, home insurance, click on this link

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