Bildquelle:https://therealdeal.com/chicago/2024/03/15/chicago-homeowners-choosing-higher-insurance-deductibles/
Chicago homeowners are increasingly opting for higher insurance deductibles, according to a new report. The Real Deal Chicago found that more and more residents are choosing to raise their deductibles in order to lower their insurance premiums.
This trend comes as insurance rates continue to rise in the city, with many homeowners struggling to afford the higher costs. By increasing their deductibles, homeowners are able to reduce their monthly premiums, making their insurance more affordable.
However, experts warn that raising deductibles can also come with risks. In the event of a claim, homeowners will be required to pay a higher out-of-pocket expense before their insurance kicks in. This means that homeowners need to carefully consider their financial situation before opting for a higher deductible.
Despite the potential risks, many Chicago homeowners see raising their deductibles as a necessary step to make insurance more affordable. With rates continuing to rise, it remains to be seen if this trend will continue in the coming years.