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By: Ajay kumar Medagani February, 05, 2019

Homeowners save significantly on their annual home insurance expenditure by choosing the appropriate deductible. Gavop’s recent analysis of net savings earned from home insurance plans with higher ($2,500) and lower ($500) deductibles in Waterloo, Iowa shows that homeowners in the city can save as much as $920 by choosing the lower deductible plan.

This citywide calculation is based on a hypothetical claim amount of $1,500. For a $500 deductible, homeowners in Waterloo pay a median yearly premium of $550 and incur a total of $1,050 in yearly expenditure. With a higher deductible of $2,500, these values are $470 and $1,970, respectively.

In the state of Iowa, homeowners opting for the lower deductible plan pay an average yearly premium of $550 and incur a yearly expenditure of $930. Those opting for the higher deductible plan pay an average premium of $450 and incur annual expenditure worth $850. The statewide net savings for the higher deductible plan is $80 for a hypothetical claim amount of $400.

The Gavop study also analyzed home insurance premiums in locations within a 50-mile radius of Waterloo. For a hypothetical claim amount of $500, homeowners of Poyner, near Waterloo, incur an annual expenditure of $1,080 for the lower deductible and $990 for the higher deductible. Thus, the net savings for those choosing the lower deductible is $90. In Chickasaw County, another neighboring area, the net savings is $20 less at $70 for the same claim amount ($500). The annual expenditure for the lower deductible plan here is $870, and it is $800 for the higher deductible plan.

Homeowners in Poyner pay a median yearly premium of $580 for the lower deductible and $490 for the higher deductible. In Chickasaw County, the median insurance for the lower deductible is $370, and for the higher deductible it is $800.

The chart below compares the savings in home insurance between Poyner and Chickasaw County.

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The following table calculates the net savings from home insurance for the two deductible plans against a hypothetical claim amount in 10 locations within a 50-mile radius of Waterloo, Iowa.

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
Iowa$400$530$930$450$850$80
Black Hawk County, IA$1,000$600$1,100$510$1,510-$410
Waterloo, IA$1,500$550$1,050$470$1,970-$920
Benton County, IA$2,500$580$1,080$480$2,980-$1,900
Dumont, IA$2,000$270$770$220$2,220-$1,450
Owasa, IA$1,500$290$790$240$1,740-$950
Lester, IA$1,000$660$1,160$550$1,550-$390
Luzerne, IA$700$420$920$340$1,040-$120
Poyner, IA$500$580$1,080$490$990$90
Chickasaw County, IA$500$370$870$300$800$70
Westburg, IA$400$880$1,280$730$1,130$150
Monroe, IA$400$830$1,230$730$1,130$100
Melrose, IA$200$800$1,000$650$850$150

For more information on Waterloo, Iowa, Home Insurance, click on this link



ABOUT THE AUTHOR

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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.

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