Compare Quotes from Top Providers and Save now!


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.

NO  IMAGE

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



ABOUT THE AUTHOR

No Image

Ajay

Ajay Kumar works as a data analyst with Gavop. A (software) engineer by profession, he utilizes his well-established programming skills in big data, to derive insights from a wide variety of data sets. A engineering graduate from JNTU his passion involves analyzing raw data, infographics and other visual aids for research.

Linkedin