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414 26th St W
Bradenton, FL, 34205
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Manatee Insurance Services, Inc. have been working locally with Floridians to save money and time insuring all major properties including Autos, Homes, Motorcycles, and Boats for over 35 plus years! Come save money and time finding the right insurance all under one roof. Lets get saving Florida! Contact us for a second look on what you will save.


The Difference Between Homeowners Insurance Premium And Deductible

Matthew Smith

Home insurance can be difficult to understand. From policy coverage to premium, deciphering the features of an insurance contract can confuse many people.

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One of the most significant features of a homeowner’s insurance policy is premium. However, many individuals mistakenly think that premium and deductible are the same. In fact, premiums and deductibles are two different terms. Both the insurance concepts determine how much an individual will pay for insurance.

Insurance Premium 101

Premium is the amount you pay to an insurance company for maintaining the home insurance coverage. Homeowners insurance can be paid on a quarterly, monthly or annual basis. You can pay it every six months as well.

Depending on your specific home insurance policy and provider, home insurance premium will be charged to keep the policy in force.

Insurance companies take into account a variety of factors for determining premium. These factors include but are not limited to:

- The age and condition of a residential property (older homes are more susceptible to damages and may have high premiums)

- A homeowner’s credit rating (poor credit history may lead to higher premium)

- Coverage an applicant picks, including limits and optional features

- Location of a property (A property located in a high-crime neighborhood is likely to have a higher insurance premium)

- An applicant’s claims history

- Deductible amount

Insurance deductible 101

Homeowner’s deductible refers to the amount an individual pays to cover a loss. You will pay the deductible yourself before the insurance company will pay for the claim.

In case you carry a $500 deductible, you will pay the initial $500 in the event of damages to your home. Your home insurance company will cover the remaining amount.

The deductible will determine the amount of premium you will pay to your insurance company. (The higher the deductible, the lower the premium).

In a nutshell, premium and deductible are related, but premium is the amount paid by the insured to an insurance company on a regular basis. Without paying premium, you can’t maintain homeowner’s insurance coverage and policy.

Deductible, on the other hand, is the amount the insured pays themselves before the insurance company can pay for their losses.

Can’t figure out how much deductible is right for you? Our qualified and experienced home insurance brokers can help you determine the amount of your deductible for your needs. Book a consultation now!