Any time you purchase or renew an insurance policy, you must decide on an amount for your deductible. This will determine how much you have to pay for a claim before your insurance provider steps in—as well as how much your monthly premium will be. That’s why many people feel torn when choosing between high and low deductibles.

With service to the greater Cincinnati, Northern Kentucky, and Southeast Indiana areas, Siemers Insurance Agency LLC provides clients with a stress-free insurance shopping experience. Here, this trusted company offers three tips to simplify the process of choosing a deductible:

• Consider Out-Of-Pocket Fees: First, determine how much you can afford on your own should you ever have to submit a claim. Deductibles can range anywhere from zero to thousands of dollars, so choose an amount you can realistically pay in the event of an emergency.
• Assess Your Level Of Risk: When deciding on your insurance deductible, your specific level of risk should be an integral factor. When shopping for auto insurance, look to your driving record to gauge the likelihood of future car accidents. If you’re buying a homeowners insurance policy, think about the crime in your neighborhood and the potential for water or fire damage.
• Make Adjustments Along With Life Changes: Remember, deductibles aren’t set in stone. Every time you go through a lifestyle change, review your insurance policy and consider the need for coverage adjustments. As your risk factor fluctuates, you may need to modify your deductible to accommodate it.

In the end, it will be up to you to select the deductible you feel most comfortable with. However, the guidance of an experienced insurance agent can make the decision much safer and simpler. Call Siemers Insurance Agency at (513) 469-8877 to learn more, or visit them online to request an insurance quote.