On Your Side: Home insurance policies could move to a one-percent deductible [Video]

SPRINGFIELD, Mo. (KY3)—If you have renewed your home insurance policy or are about to, your premiums are likely rising.

Insurers are working to find ways to put the cost of claims back on homeowners. More and more home insurance companies are moving to a one percent deductible on wind and hail claims. That means that if you have a $500,000 home, your deductible could be $5,000.

John Schaeffer with the Resource Center says that it is important for homeowners to read papers from the insurance companies that update them on their plans and the changes that insurance makes.

“Insurance companies, to keep from going broke or leaving the state, being in the negative, they are actually having the homeowners take on more payment and risk, so before you file a claim, make sure you know exactly what your deductible is on your wind and hail,” said Schaeffer.

If you have …