How To Determine the Right Deductible You Should Choose For Your Home Insurance

Homeowners Insurance and Deductibles: Striking the Right Balance

Your homeowner’s insurance is a crucial line of defense against costly losses stemming from unexpected calamities. You might be tempted to raise your deductible when looking for ways to reduce your premium costs. However, this tactic could prove costly after an incident. At Peninsula Underwriters Insurance Agency, situated in Gainesville, FL, our proficient staff can guide you to determine the optimal terms to fit your unique circumstances.

Influence of Changing Deductibles on Your Premium

Deductibles usually come as a fixed amount. However, they can occasionally be expressed as a percentage or, in some cases, a combination of a fixed amount and a percentage. Deductible amounts typically fluctuate in increments of $500 to $1000, with each increment leading to a corresponding reduction in your premium.

Deciding If a Deductible Increase Is Right

Before opting for a higher deductible, you should conduct a comprehensive financial assessment. Determine what you can comfortably afford to pay out-of-pocket following a damaging event. A higher deductible might be feasible if you have substantial savings that can comfortably cover home repairs. Conversely, if significant savings are absent, extensive damage may make restoring your home to its pre-loss condition challenging. How much of your savings you’re willing to deplete for repairs can provide insights into how high your deductible can comfortably be. If you’re earmarking your savings for other expenses, maintaining a low deductible and tolerating a higher premium might be more sensible.

Choose Peninsula Underwriters Insurance Agency for a practical approach to your home insurance needs. Our insurance policies are flexible and can be customized to your specific needs. Contact Peninsula Underwriters Insurance Agency in Gainesville, FL, for a no-obligation quote on homeowners insurance today and effectively secure your home investment.

When should you review your home insurance?

Your home policy needs to be reviewed every so often so that you can be sure that it is exactly what you need. Every home and homeowner has unique needs, and yours may change over time. At Peninsula Underwriters Insurance Agency in Gainesville, FL, we take your business very seriously, and we work hard to make sure that you have the coverage you need. 

When your policy renews

Most home policies are renewed every year. About a month before the renewal date, you will receive a copy of the policy either in paper or digital format. The front page is the declaration page, and that is where all the information about the policy is located. It tells you the amount of your deductible and any endorsements you have on your policy. This is the time to look at all of those figures and make sure they all make sense with where you are today. 

When you need more liability coverage

There are things you add to your home that increase your liability level. A dog, a swimming pool, a trampoline. All of these require a rethink of how much liability coverage you have. 

When you do major renovations

When you do a renovation that adds square footage to your home or if you have updated your bathrooms and kitchen, these are things that can increase the value of your home. If you have added a new roof, your home is less of a risk. 

When you add safety equipment

If you add home security or wired smoke detectors, you may be eligible for a discount on your home insurance. Call your insurance agent to discuss the discounts that you may get. 

We Can Help!

Contact Peninsula Underwriters Insurance Agency in Gainesville, FL when you are ready to discuss your home insurance policy and your coverage. 

Why should I get home insurance in Florida?

Being a property owner in the Gainesville, FL area has continued to be a good housing option. When you are going to own a property here, you will want to know that you are also covering and protecting it as well as possible. One of the ways that you can do this is by getting home insurance.

There are various reasons someone here should get this insurance:

Protect Your Home

A reason that you should have a home insurance plan when you are here is so you can protect your home. A full home insurance policy offers coverage that will provide support if your home is damaged due to bad weather, fire, vandalism, or other situations that result in a loss. Without insurance, the costs to fix these damages can add up quickly. Home insurance offers the support you need to cover these damages. 

Meet all Requirements and Standards

You also should consider getting a home insurance plan so you can meet all requirements and standards for insurance. If you are a property owner, there is a good chance that you have taken out a mortgage and you may also live within a home association. In both of these situations, you will likely be required to carry insurance. If you have this coverage, you can remain in compliance with any obligations. 

Contact Us Today

Having insurance in place at all times on your home is very important. If you are looking for a new plan in the Gainesville, FL area, it would be helpful to call the team at the Peninsula Underwriters Insurance Agency. The professionals with Peninsula Underwriters Insurance Agency know how important this coverage is. We will give you an overview of your options and provide any support needed to build your next plan.  

What If I Can’t Afford Home Insurance?

In recent times, the economy has become unpredictable due to pandemics, international wars, and trade wars; therefore, you can easily find yourself out of work and unable to afford home insurance. This is likely a worry for you as a resident of Gainesville, FL, since your home is your most valued asset. Here is what you to know if you can’t afford home insurance anymore.

What Will Happen if I Miss a Home Insurance Payment?

If you miss your insurance payment, your insurer will send you a reminder a few days after the due date. There is typically a 30 days grace period for you to make your payment. If you make the payment within this grace period and it’s the first time you miss a payment on the due date, the only consequence would be that you will have to pay a late fee. However, if you repeatedly miss making your payment on the due date are you are always paying during the grace period, your premiums will rise. Moreover, if you neglect to make payments for more than one month, you risk losing your coverage, and your bill might be directed to a collection agency.

Don’t Cancel Your Home Insurance; Make It Cheaper

Rather than waiting to miss a payment on your home insurance, you should consider making it cheaper as soon as you realize that you can’t afford your current policy. Some solutions to making your home insurance more affordable that we at Peninsula Underwriters Insurance Agency recommend are;

  • Increasing your deductible: The more the deductible you have on your home insurance policy, the cheaper the premiums. 
  • Make your home safer: You can expect a considerable discount on your premiums if your home is safer. Install a smoke detector, anti-theft door lock, and cut trees around the house to make your home safer. 

Are you a resident of Gainesville, FL, and having difficulty getting your home insurance right? Contact Peninsula Underwriters Insurance Agency will all your home insurance needs.

Things home insurance won’t cover

Gainesville, FL is a great place to call home. As the home of the University of Florida, it has all the good college town vibes that you could want. Making sure your Gainesville home has the right home insurance is important. Florida is a state that faces a lot of weather issues and being prepared with good home insurance is vital. In spite of doing your best, you can’t protect your home from everything. Some hazards are excluded from home insurance. At Peninsula Underwriters Insurance Agency, we work with our customers to make sure that they have the best possible coverage.


Floods are a natural disaster that is all too common. Floods are a hazard that Floridians are all too familiar with. Many people are shocked when they find out that home insurance won’t cover you for flood damage. You need to buy a dedicated flood policy to have the protection you need. 

Owner negligence

It is always important to keep up with the maintenance of your home, but in Florida, with the extreme heat and humidity, it is even more important. Mold can grow very easily if any dampness goes unattended. Bugs grow bigger and faster in Florida, having treatment for bugs and termites is important. If your home is damaged because you haven’t been doing what the insurance company expects in the way of maintenance, they won’t pay to repair the damage. 


All kinds of earth movements are excluded from home policies. In Florida, the most common are sinkholes. The sandy soil makes the entire state prone to these dangerous occurrences. You need to have a dedicated sinkhole policy if you want to feel safe. 

Gainesville, FL  is home to Peninsula Underwriters Insurance Agency. As independent insurance agents, we are able to offer you the most choices and more choices mean better rates. When you are ready, we will be here to help.