By: Ajay kumar Medagani November. 13, 2018

An analysis of net savings from home insurance between the higher ($2,500) and lower ($500) deductible plans in Silver Springs, Maryland,  shows that homeowners who opt for the lower deductible plan save as much as $1,720 in total yearly spending. This study conducted by Gavop considers a citywide hypothetical claim amount of $2,500. For a $500 deductible, Silver Springs’ citizens pay a median yearly premium of $1,620 and for a higher deductible of $2,500, this value is $1,340.

These numbers widely contrast statewide values. For a hypothetical claim of $400, Maryland’s homeowners save about $160 if they choose the higher deductible plan. Their median yearly premiums are $1,220 under the lower deductible plan and $1,060 for the higher deductible one.

 The study also analyzes home insurance premiums across 10 locations within a 50-mile radius of Silver Springs. For the same hypothetical amount of $2,500 and the higher deductible plan, the residents of Ellicott City save $80 less ($1,640) than those of Silver Spring. The median yearly premiums paid by Ellicott City residents for the $500 and $2,500 deductible plans are $2,120 and $1,760.

For a hypothetical claim amount of $400, homeowners with the higher deductible plan save $310 in nearby Broadlands, Virginia, but $100 less at $210 in Cedar Run, Virginia. The median home insurance premiums paid by citizen in Broadlands are $1,600 for the $500 deductible plan and $1,290 for the $2,500 plan. In Cedar Run, these numbers are $1,480 and $1,270.

The following graph compares the net savings between Broadlands and Cedar Run, Virginia.

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 Silver Springs. 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
Maryland	$400	$1,220	$1,620	$1,060	$1,460	$160
Montgomery County, MD	$1,000	$1,390	$1,890	$1,120	$2,120	-$230
Silver Spring, MD	$2,500	$1,620	$2,120	$1,340	$3,840	-$1,720
Ellicott City, MD	$2,500	$2,120	$2,620	$1,760	$4,260	-$1,640
Center, VA	$2,500	$1,440	$1,940	$1,180	$3,680	-$1,740
Long Beach, MD	$1,500	$1,080	$1,580	$890	$2,390	-$810
Buckeystown, MD	$1,000	$1,260	$1,760	$1,040	$2,040	-$280
Highland, MD	$700	$1,460	$1,960	$1,230	$1,930	$30
Broadlands, VA	$400	$1,600	$2,000	$1,290	$1,690	$310
Cedar Run, VA	$400	$1,480	$1,880	$1,270	$1,670	$210
Forestville, MD	$400	$1,020	$1,420	$820	$1,220	$200
Charles County, MD	$400	$970	$1,370	$790	$1,190	$180
Konterra, MD	$200	$860	$1,060	$720	$920	$140

For more information on Silver Springs, Maryland, home insurance, click on this link

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