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By: Ramu Garuda  May.06, 2019

Gavop analyzed net savings on home insurance between high ($2,500) and low ($500) deductible plans in Port Orchard, Washington and found that homeowners choosing the lower deductible plan can save as much as $1,340 in total yearly spending. This citywide analysis is based on a hypothetical claim amount of $2,000. For a $500 deductible, Port Orchard’s citizens pay a median yearly premium of $1,170, and for a higher deductible of $2,500, this median premium is $1,010.

These figures differ widely from the home premiums and savings in the state of Washington. For a hypothetical claim of $200, Washington’s homeowners save about $220 if they choose the higher deductible plan. They pay a median yearly premium of $1,380 with the lower deductible plan, and $1,160 with the higher deductible one.

Gavop also studied home insurance premiums in locations within a 50-mile radius of Port Orchard. For the same hypothetical claim amount of $1,500, the residents of Enetai save $820, while Fox Island residents save $670 by choosing the lower deductible plan.

Enetai’s homeowners pay a yearly premium of $1,130 and a total yearly amount of $1,630 for a $500 deductible plan. For the higher deductible plan of $2,500, they pay a yearly premium of $950 and a total yearly amount of $2,450. In Fox Island, on the other hand, for a $500 deductible plan, the yearly premium value is $1,770, while the total yearly expenditure is $2,270. For the $2,500 deductible plan, these numbers are $1,440 and $2,940.

The graph below compares net savings in total yearly expenditure for Enetai and Fox Island, near Port Orchard. The hypothetical claim amount considered for this comparison is $1,500, and the deductible amount is $500.


The graph shows that Fox Island residents spend $640 more than Enetai residents in yearly expenditure, for the same hypothetical claim amount and the same home insurance deductible amount ($500).

The following table 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 Port Orchard. In addition, the table 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
Kitsap County, WA$1,500$1,440$1,940$1,160$2,660-$720
Port Orchard, WA$2,000$1,170$1,670$1,010$3,010-$1,340
Quilcene, WA$2,500$990$1,490$870$3,370-$1,880
Enetai, WA$1,500$1,130$1,630$950$2,450-$820
Fox Island, WA$1,500$1,770$2,270$1,440$2,940-$670
Rochester, WA$1,000$1,120$1,620$940$1,940-$320
Sumner, WA$700$1,200$1,700$1,030$1,730-$30
Covington, WA$500$1,190$1,690$990$1,490$200
Silverdale, WA$400$1,300$1,700$1,130$1,530$170
East Port Orchard, WA$200$900$1,100$750$950$150
Malone, WA$200$870$1,070$750$950$120
Key Peninsula-Anderson Island, WA$100$1,280$1,380$1,060$1,160$220


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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.