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By: Ajay kumar Medagani October. 22, 2018

Gavop analyzed net savings on home insurance between the higher ($2,500) and lower ($500) deductible plans in Logan, Utah, and found that homeowners choosing the lower deductible plan save as much as $1,780 in total yearly spending. This citywide assessment is based on a hypothetical claim amount of $2,500. For a $500 deductible, Logan’s citizens pay a median yearly premium of $1,090, and with a higher deductible of $2,500, this value is $870.

 These numbers vary widely from the home premiums and savings in the state of Utah. For a hypothetical claim of $100, Utah’s homeowners save about $160 if they choose the higher deductible plan. They pay a median yearly premium of $1,040 with the lower deductible plan and $880 with the higher deductible one.

 The Gavop study also analyzed home insurance premiums in 10 locations within a 50-mile radius of Logan. For a hypothetical amount of $700, the residents of Harrisville and Uintah can make meagre savings of $50 and $10, respectively, by choosing the lower deductible plan. In Harrisville, homeowners pay a median insurance premium of $900 for $500 deductible plans and $750 for $2,500 plans. In Uintah, they pay a median premium of $1,180 for $500 plans and $990 for $2,500 plans.

 For a hypothetical claim amount of $400, homeowners in Millville save $110, while those in Dayton, Idaho, save $20 more at $130, with the higher deductible plan. In Millville, the median home insurance premiums paid by citizens are $780 for $500 deductible plans and $670 for $2,500 ones. In Dayton, these numbers are $750 and $620, respectively.

 The graph below compares the net savings between Millville, Utah, and Dayton, Idaho.

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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 Logan. 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
Cache County, UT$1,500$740$1,240$610$2,110-$870
Logan, UT$2,500$1,090$1,590$870$3,370-$1,780
Hyrum, UT$2,000$810$1,310$660$2,660-$1,350
South Willard, UT$1,500$1,030$1,530$850$2,350-$820
Garland, UT$1,000$630$1,130$520$1,520-$390
Harrisville, UT$700$900$1,400$750$1,450-$50
Uintah, UT$700$1,180$1,680$990$1,690-$10
Millville, UT$400$780$1,180$670$1,070$110
Dayton, ID$400$750$1,150$620$1,020$130
Clifton, ID$300$650$950$550$850$100
Elwood, UT$200$970$1,170$830$1,030$140
Liberty, UT$200$1,110$1,310$920$1,120$190
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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.