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By: Ramu Garuda December. 04, 2018

In a recent analysis, Gavop explores the net savings from home insurance plans with higher ($2,500) and lower ($500) deductibles in Baytown, Texas. The study shows that homeowners in the city can save as much as $120 in total yearly spending by choosing the higher deductible plan. This citywide calculation is based on a hypothetical claim amount of $700. For the lower deductible of $500, homeowners in Baytown pay a median yearly premium of $460 and incur total yearly expenditure of $960. On the other hand, for the higher deductible of $2,500, these values are $380 and $1,080.

A comparison of these numbers with statewide values reveals that Texas homeowners who opt for the lower deductible plan incur an average yearly premium of $560 and a yearly expenditure of $660. Those opting for the higher deductible plan incur an average premium of $490 and annual expenditure worth $590. For a hypothetical claim amount of $100, the statewide net savings for the higher deductible plan is $70.

In addition, the Gavop study examines home insurance premiums of locations within a 50-mile radius of Baytown. For a hypothetical claim amount of $2,000, homeowners of Southside Place save $1,190 if they choose the lower deductible plan. The yearly premium on this plan is $1,940 and the total yearly expenditure is $2,440. For a $2,500 deductible plan, the yearly premium and expenditure is $1,630 and $3,630.

 In Sugar Land, for the same claim amount, the net savings for the low deductible plan is $1,370. Here, homeowners pay a yearly premium of $750 and incur a total annual expenditure of $1,250. As with the higher deductible plan, these numbers are $620 and $2,620.

 The table below calculates the net savings from home insurance for the two deductible plans against hypothetical claim amounts in 10 locations within a 50-mile radius of Baytown. In addition, it estimates the average yearly premium and the total yearly cost of 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
Texas$100$560$660$490$590$70
Harris County, TX$1,000$580$1,080$490$1,490-$410
Baytown, TX$700$460$960$380$1,080-$120
Dickinson, TX$2,500$560$1,060$470$2,970-$1,910
Southside Place, TX$2,000$1,940$2,440$1,630$3,630-$1,190
Sugar Land, TX$2,000$750$1,250$620$2,620-$1,370
Holiday Lakes, TX$1,500$120$620$100$1,600-$980
Sienna Plantation, TX$700$1,240$1,740$1,020$1,720$20
Galena Park, TX$400$280$680$230$630$50
Richmond, TX$400$480$880$400$800$80
West University Place, TX$300$1,640$1,940$1,380$1,680$260
Piney Point Village, TX$200$2,350$2,550$2,000$2,200$350
Meadows Place, TX$200$730$930$620$820$110

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ABOUT THE AUTHOR

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Ramu Garuda

Ramu is a research analyst with over 7 years of analytics & research experience. Prior to joining the company, he worked with some of the prominent consulting and market research firms in India, including Pride Technology (Supporting consulting projects to PWC), RR Donnelly, and The Hackett Group. His skills include company profiling, benchmarking, data and trend analysis, industry analysis, and report writing across the industries. Ramu holds a Master’s degree in Finance and Marketing. He also has a bachelor’s degree in Biotechnology.

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