How To Earn Credit Toward Your Deductible While Protecting Your Home

Apr 3, 2020, 11:58 AM

Discover a way to lower your deductible costs without doing a thing.

One of the things we’re proud of here at Hastings Mutual is our long history of coverage of farms, businesses, homes, and cars in our six-state region. We’ve been in business since 1885, and have been able to look back on our legacy on our website, on Facebook (have you seen our monthly #tbt Throwback Thursday photos?), and in the office. 

We appreciate your history with us, too. If you have a Homeowners policy, you have our  Waiver of Deductible Credit. With the credit, your deductible costs decrease over time, and the longer you’re with us, the larger the credit grows. 

Here’s how it works: Each year you don’t file a claim with us, your deductible decreases by $75. You can go up to 10 years, for a grand total of $750 off your deductible if you have to file a claim. 

1930s windstorm damage

If you started with a deductible of $1,000 and didn’t file a claim for those 10 years, but had to file in the 11th year, you’d only pay $250 out of pocket for the claim (since $1,000 - $750 = $250. A little math, but a lot of savings!). 

If you do file a claim, your deductible credit will reset and start accruing again. You can continue earning $75 credits each year once more.

Of course, you can’t know when something will happen that causes you to file for a claim on your Homeowners policy — that’s why you have an insurance policy in the first place, to reduce your risk. In the event you must file a claim, you will have the credit you have earned up to that point applied to your deductible. You can use it for most perils. That’s an insurance term that refers to the cause of damage. A few common types of perils are fire, hail, and wind.

If you already have a Homeowners policy with us, talk to your local independent insurance agent about your deductible credit and what it’s worth now. If you’d like to see savings on a new policy, reach out to an agent and ask about Hastings Mutual for homeowners.

The Mutual Understanding blog and Hastings Mutual videos are made available for educational purposes only. The information referred to is not an official company statement or policy. Refer to your policy for specific coverage. There is no representation as to the accuracy or completeness of any information found by following any link on this site. Please contact your local independent insurance agent with further questions and for more details on any insurance policy-related information you read here.

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