Homeowners in Plainfield, Illinois, Save up to $810 Depending on Their Choice of Deductible
By: Ajay kumar Medagani Oct.16, 2018
Expenditures on home insurance can swing significantly depending on the deductible amount. A recent Gavop analysis of net savings earned in annual expenditure on home insurance premiums showed that homeowners in Plainfield, Illinois can save as much as $810 depending on the deductible they choose. This citywide calculation is based on a hypothetical claim amount of $1,500. The insurance plans studied included a lower deductible value of $500 and a higher deductible one of $2,500. For a $500 deductible, homeowners in Plainfield pay a median yearly premium of $970 and have a total yearly expenditure of $1,470. With a higher deductible of $2,500, these values are $780 and $2,280. These numbers are illustrated in the graph below.
A comparison of these numbers with statewide values indicates that Illinois homeowners opting for the lower deductible plan pay an average yearly premium of $730. Those opting for the higher deductible plan pay an average premium of $620. Statewide, for claiming a hypothetical amount of $100, the total annual expenditure incurred is $830 for the lower deductible and $720 for the higher one. Homeowners with the higher deductible plan make a net savings of $110 for a hypothetical claim of $100.
Gavop also analyzed home insurance premiums in locations within a 50-mile radius of Plainfield. For a hypothetical claim amount of $1,000, homeowners in Willowbrook save $310 if they choose the lower deductible plan. The yearly premium on this plan is $1,250, and the total yearly expenditure is $1,750. For a $2,500 deductible plan, the yearly premium is $1,060, and the yearly expenditure is $2,060.
For the same claim amount, in Dorr, IL, the net savings with the low deductible plan are $350. Here, homeowners pay a yearly premium of $990 and incur a total annual expenditure of $1,490. With the higher deductible plan, these numbers are $840 and $1,840, respectively.
The table below shows the net savings from home insurance for the two deductible plans against hypothetical claim amounts in 10 locations within a 50-mile radius of Plainfield, IL. In addition, it estimates the average yearly premium and the total yearly cost of home 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 |
| Illinois | $100 | $730 | $830 | $620 | $720 | $110 |
| Will County, IL | $2,000 | $1,140 | $1,640 | $970 | $2,970 | -$1,330 |
| Plainfield, IL | $1,500 | $970 | $1,470 | $780 | $2,280 | -$810 |
| Cabery, IL | $2,000 | $290 | $790 | $240 | $2,240 | -$1,450 |
| Willowbrook, IL | $1,000 | $1,250 | $1,750 | $1,060 | $2,060 | -$310 |
| Dorr, IL | $1,000 | $990 | $1,490 | $840 | $1,840 | -$350 |
| La Grange Park, IL | $700 | $1,450 | $1,950 | $1,230 | $1,930 | $20 |
| South Holland, IL | $700 | $720 | $1,220 | $600 | $1,300 | -$80 |
| Orland Hills, IL | $500 | $1,030 | $1,530 | $860 | $1,360 | $170 |
| Dayton, IL | $400 | $1,110 | $1,510 | $930 | $1,330 | $180 |
| Creston, IL | $300 | $720 | $1,020 | $620 | $920 | $100 |
| Wayne, IL | $200 | $1,500 | $1,700 | $1,290 | $1,490 | $210 |
| Bolingbrook, IL | $100 | $940 | $1,040 | $800 | $900 | $140 |
ABOUT THE AUTHOR
Ajay Kumar Medagani
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.
