Many D.C. homeowners seeing rising deductibles
In what some experts say is a growing trend nationwide, many people in the Washington, D.C. area are seeing an increase in the deductible they have on their homeowners insurance policies.
Many homeowners there who have a home insurance policy with State Farm noticed their deductibles changing from $500 to $2,000 on October 1, The Washington Post reports. In addition, those with both auto and home insurance policies with the insurer saw deductibles increase to $1,000.
The change, the paper reports, has also been accompanied by a reduction in premiums, the company reported. However, experts told the Post consumers should still look to compare different insurance providers.
"Make sure you shop around," Robert Hunter, director of insurance at the Consumer Federation of America, told the paper. "Don't go to one agent and say: 'Take me. I'm yours.' There's a significant difference in prices. You can pay twice as much for exactly the same coverage."
Officials told the paper that the changes were driven by heavy losses and the increased costs associated with replacing a home. The company's paid claims are up 25 percent already this year, it says.
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