Tags Insurance Q&A

Animals & Plants Arts & Entertainment Auto Beauty & Health Books and Literature Business Electronics Engineering & Technology Food & Drink History Hobbies Jobs & Education Law & Government Math People & Society Science Social Studies Sports Travel & Places

0

Auto>General Auto

What happens if you cannot afford the homeowners insurance deductible?

Anonymous

∙ 11y ago

Updated: 9/23/2023

Normally when you buy a house, you will be required to get home owner's insurance and pay a deductible. If you can pay the deductible, you may lose your homeowners insurance.

Wiki User

∙ 11y ago

Still curious? Ask our experts.

Chat with our AI personalities

Ross

Every question is just a happy little opportunity.

Chat with Ross

Beau

You're doing better than you think!

Chat with Beau

Devin

I've poured enough drinks to know that people don't always want advice—they just want to talk.

Chat with Devin

Add your answer:

Earn +20 pts

Q: What happens if you cannot afford the homeowners insurance deductible?

Write your answer...

Submit

Still have questions?

imp

Trending Questions

How long can you drive after buying a car without auto insurance in Georgia? What is the meaning of art of art's sake? Can 2 people in different states be on same auto insurance policy? What are standard KPIs for insurance companies? What does revertabrated mean? Is the driver who hits another from the rear always at fault? What does GSA silver mean? What is the acceleration when a car is slowing down? Will 21st Century Insurance company insure a driver with only a permit? When your car is repossessed when do you cancel your insurance coverage? Can you sue a insurance co and defendant for an accident? Does Allstate cover lightning strikes in there homeowners policy? What is the difference between motor vehicle and automobile? A car runs out of gas and slowly coasts to a stop this is an example of? When did car seats become law in US? When is the earliest a policy may go into effect? What is the valve clearance setting for a charade? What if a minor uninsured driver has an accident in parents car? What causes gurgling sounds inside a 2002 Jeep grand Cherokee What are symptoms of a bad heater core? An owners manual for a Sears craftsman Generator Model?

Related Questions

What should your Deductible for car insurance be?

Well the higher your deductible, the lower your insurance premium will be. However, your deductible should be something you can afford in case of a loss.

What are the pros and cons of purchasing an insurance plan with a low deductible?

The pros to having an insurance plan with a low deductible would be that you do not have to pay as much money out of pocket if something happens and you need to use your insurance. The con of having a low deductible is that your monthly payment will be higher than if you had chosen a plan with a higher deductible. Generaly, if you are young and healty with very few trips to the doctor, go with a higher deductible. However, be sure you choose a deductible that you can afford to pay in the event something actually does happen to you.

Is it worthwhile if you travel a lot to have a low deductible insurance?

Yes, if you travel a lot it would be helpful to have a low deductible insurance. You would be out of your network most of the time, and in the case of needed medical treatment, you do not want your deductible to be so high that you cannot afford the treatment.

What happens if you cannot afford auto insurance?

Most states require insurance. You should think of auto insurance as part of the cost of owning a car... if you can't afford the insurance, you can't afford the car and shouldn't have one.

What is mortgage hazard insurance and why is it important for homeowners?

Mortgage hazard insurance is a type of insurance that protects homeowners from financial losses due to hazards like fire, theft, or natural disasters. It is important for homeowners because it helps ensure that they can afford to repair or rebuild their home if it is damaged or destroyed, providing financial security and peace of mind.

If the damage is 800-900 and the deductible is 500 would it better to pay for the repairs instead of filing an insurance claim?

If you have an extra $800-$900 laying around that wouldn't strap you financially, then I would pay for it. If you can only afford the $500 deductible, I would use the insurance, because that's what it there for.

Your child was injured and loss several of her teeth she will need implants and medical nor dental will pay do or can you file on the homeowners insurance you cannot afford this cost alone?

No,your homeowners will only pay for someone outside of any household residents.

What is a Deductible for medical insurance?

A deductible is the amount that the policy holder must pay before any benefits are covered under the plan. Some plans do cover some limited services prior to the deductible being paid, or they may not cover any. It is important to know what your deductible amount is, before you purchase a policy, to make sure that you can truly afford it in the event you need medical services.

What is a recommended auto deductible?

Do the lowest amount that you can afford the normal premiums for.

What are the best deductibles to pay on car insurance?

It is hard to say the best deductible to pay for car insurance since it will vary by person. It depends on how much a person could afford to pay out of pocket if they get into a pocket, and if a person thinks that they would get into accidents often.

Is loan interest on life insurance tax deductible?

In general, loan interest on life insurance policies is not tax deductible. The Internal Revenue Service (IRS) considers life insurance loans as personal loans, which are not eligible for tax deductions. However, there may be certain exceptions or specific circumstances where the interest on a life insurance policy loan could be deductible, such as if the loan was used for business purposes. It is recommended to consult with a tax professional for personalized advice on this matter.

What coverages do you recommend for vehicle insurance?

It really depends on several factors:Age and model of your carIts valueWhat you owe on itWhere you live (each state has different coverage requirements).If your car is older, you might not need collision, especially if your deductible is higher than the value of your car. If you still owe on the car, definitely get collision and comprehensive coverage.Choose a deductible you can afford. Don't skimp and try to save money by choosing a higher deductible if you won't be able to afford to pay it should you be in an accident.

Resources

Top Categories

Product

Company

Copyright ©2025 Infospace Holdings LLC, A System1 Company. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.