Adler at Saddle Crest in Silverado by Tri Pointe Homes

NEW -> Contingent Buyer Assistance Program
usctrojancpa said:
A $5k deductible is pretty standard. Most all of my clients get either a $2,500 or $5,000 deductible.
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5k deductible means you're paying multiple years of premiums in advance if something were to occur that is less than 5k. Would it be worth it in that case? I think 2.5k would be the sweet spot in terms of covering anything below that and getting lowest premium. I personally have 1k deductible
 
sleepy5136 said:
5k deductible means you're paying multiple years of premiums in advance if something were to occur that is less than 5k. Would it be worth it in that case? I think 2.5k would be the sweet spot in terms of covering anything below that and getting lowest premium. I personally have 1k deductible
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The flip side is if you don’t have any claims, you are over paying premiums. So it works both ways.
 
In decades of home ownership... I've only had 2 or 3 claims (and only on resale homes)... and they were both over $5k damage... so that seems like a good deductible. At $2500, you might as well pay for the work yourself and don't make a claim so you don't ding your insurance record.
 
irvinehomeowner said:
In decades of home ownership... I've only had 2 or 3 claims (and only on resale homes)... and they were both over $5k damage... so that seems like a good deductible. At $2500, you might as well pay for the work yourself and don't make a claim so you don't ding your insurance record.
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If let's say you had 2-3 claims all over 5k damage, wouldn't this be a better argument for lower deductible?

Out of curiosity, how much % of an increase did you get in your next renewal after a claim was filed? If you don't feel comfortable disclosing that's fine too.
 
I went with a $2500 deductible. $1000 would have been $175 more per year, and increasing to $5000 would have saved an additional $150/year.

qwerty said:
This was the next change I was going to make in the next week or two. I just renewed in December at my current deductible of 2,500 but if I increase to 5,000 the premium goes down by about 800 so it will get my annual premium down to almost 4K/year. I ran out of time and just renewed in late December. So once I increase in the next week or so I’ll get a prorated refund - there is about a 300 discount for paying the premium for the year upfront so I just pay the annual premium vs monthly payments.
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That seems like a huge discount for a relatively small increase in your deductible. They’re pricing it like you’re going to have a claim once every 3 years.
 
Irvine2023 said:
I went with a $2500 deductible. $1000 would have been $175 more per year, and increasing to $5000 would have saved an additional $150/year.



That seems like a huge discount for a relatively small increase in your deductible. They’re pricing it like you’re going to have a claim once every 3 years.
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Yeah those were my thoughts as well as the breakeven (2500/800) is about 3 years. If I don’t have a claim in three years I’ll come out ahead. The savings of 800 would be guaranteed vs who knows when the hell you will have a claim.
 
I've owned multiple homes, including several rentals, for over 20 years and only had 1 claim in that time so I always get the $5k deductible.
 
usctrojancpa said:
I've owned multiple homes, including several rentals, for over 20 years and only had 1 claim in that time so I always get the $5k deductible.
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would you say a lot of that has to do with proper maintenance and a good inspector for the home to catch issues pro-actively? or do you think it's luck that you had only 1 claim?
 
sleepy5136 said:
5k deductible means you're paying multiple years of premiums in advance if something were to occur that is less than 5k. Would it be worth it in that case? I think 2.5k would be the sweet spot in terms of covering anything below that and getting lowest premium. I personally have 1k deductible
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I can afford paying an extra $2,500 if a claim comes up. I have saved multiples of that over the years so I'll keep going with the $5k deductible.
 
sleepy5136 said:
would you say a lot of that has to do with proper maintenance and a good inspector for the home to catch issues pro-actively? or do you think it's luck that you had only 1 claim?
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It's a combination of doing a home inspection on the home when I purchase it and taking care of any repair items noted on the home inspection as well as doing renovation work properly, not cutting corners. Then when issues come up bring in the proper service providers to fix things before they get worse. I did have a small roof leak in my Tustin Ranch home back in 2018 but the repair cost ended up being $2,200 so even with a $2,500 deductible I would have still taken care of it. I had a slab leak in my Aliso rental, it didn't damage anything because it had tile flooring and I ended up paying around $5,000 for the full re-pipe which the insurance wouldn't cover anyway.
 
sleepy5136 said:
If let's say you had 2-3 claims all over 5k damage, wouldn't this be a better argument for lower deductible?

Out of curiosity, how much % of an increase did you get in your next renewal after a claim was filed? If you don't feel comfortable disclosing that's fine too.
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Remember that is over decades so I saved in premiums.

After the 2nd claim they didn’t renew the policy, the new policy with a different carrier. was probably 20% more.
 
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