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Could you decrease the premium you pay by increasing your deductible? Would that be a good decision for you business? |
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A significant factor in determining how much premium you will pay for property insurance is the size of your deductible.
The insurance companies know that most losses are not total losses. Part of the cost of insurance is the cost to adjust and pay small claims.
Generally you can get a reduction in the premium you pay if you are willing to carry a larger deductible. The larger the deductible, the lower the premium. The lower the deductible, the larger the premium.
Ask your insurance agent if you can save money by increasing the size of your deductible.
When you decide on the size of the deductible consider how much you are willing to pay out of your own pocket to make the savings. |