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Paragon Independent Insurance Agencies, Inc

6305 Preston Road #1000
Plano, TX 75024

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Home Insurance Deductibles: What You Need to Know

When buying a home, your mortgage company will require you to purchase homeowners insurance. Lenders want to ensure their interest in the property is protected if an unfortunate disaster damages it. Our knowledgeable agents at Paragon Independent Insurance Agency in Plano, TX, are here to help.

The deductible is one of the most important decisions to make when choosing a homeowners policy. We are here to help you fully understand what a home insurance deductible is and which is best for you.

What is a Home Insurance Deductible?

A home insurance deductible is the money you must pay out of pocket when filing a claim before your insurance kicks in. To be more clear, you don’t pay the money to the insurance company. Instead, the company pays for the damages for a covered loss minus your portion, which is the deductible.

For example, if you have losses estimated at around $5500 after fire damage to your kitchen, your insurance company pays for the amount of damage minus the deductible. So, if you have a $1000 deductible on your home insurance policy, the insurance company would issue a payment for repairs of $4500; you would be responsible for paying the other $1000 (the deductible).

The deductible isn’t just a one-time payment. You will be responsible for paying a deductible out of pocket every time you file a homeowner claim. However, if the damages are under your deductible, you wouldn’t need to file a claim but pay out of pocket for the repairs.

Lastly, the lower the deductible you choose when purchasing your homeowner’s policy, the higher your premium payments will be. For instance, taking out a home insurance policy with $500 deductibles would be more expensive than choosing a $1000 deductible on your policy. A licensed insurance agent can help you look at your options and make the best decision for your specific needs.

Reach out to us today!

At Paragon Independent Insurance Agency in Plano, TX, we’re a knowledgeable agency experienced in helping Texans protect their families and properties when the unthinkable happens. Let us help you today. Call us at (972) 473-4813.

Steps to Take Immediately After a Car Accident

If you are involved in a car accident, there are several steps you should take afterward. The correct response could save lives and prevent further issues. We’ve outlined a response process below. If you’re looking for auto insurance and an agency that provides services in Plano, TX, contact Paragon Independent Insurance Agency.

What Comes After an Accident

Firstly, if you have been in a car accident, thoroughly check yourself for any serious injuries. In addition, check on all the passengers in the vehicle. Next, if possible, move to a safe place. Consider driving if the car is drivable and there’s a parking lot nearby.

If you can’t move the car, make an effort to get to safety and help others do the same. Cars should come equipped with accident kits; if you have one, deploy road flares and other safety devices. When possible, try to stay out of roadways. If the car is on fire, move away as quickly as possible.

Consider checking on other vehicles that were involved in the car accident. If someone has been seriously injured, contact emergency services without delay. Even if no one was injured, it’s still crucial to report the accident to the police.

After taking the above measures, you may want to contact your insurance agency to give them an early notification and ask for advice. Taking the proper steps now could mitigate risks. If you’re in need of an insurance agency, Paragon Independent Insurance Agency is here for you. We serve Plano, TX, and various other communities. Therefore, get in touch with us at your earliest convenience.

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