Fill The Gaps of Insurance with Buy Down Coverage for Glass, Earthquakes & More

Insurance is a great product, especially if an accident or natural disaster happens. Home Insurance keeps our bank accounts safe and gives us peace of mind if anything happens to our home, but insurance is also sometimes quite complex. There are insurance premiums to think about, deductibles to consider if/when filing claims, and also one must factor in how insurance premiums may increase once deductibles are changed and claims are processed too. In some cases, submitting an insurance claim is worth the deductible cost and possible rise in insurance premiums, because paying to fix the damages yourself can be just too costly.

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However, in some cases the damages may not be worth the deductible and insurance premium increase costs, so it might be better to just cover the costs out-of-pocket without insurance. But, what if there were options for a middle ground? Many would be interested in that extra level of coverage, and there are some scenarios where buying this additional “buy down coverage” makes perfect sense. Read on to learn more about buy down coverage. This knowledge will help anyone shopping for home insurance be better equipped in learning what kind of buy down options are available with the home insurance they are considering.

Buy Down Coverage for Glass

If a window is broken in your home, one can use a home insurance claim to fix the window. However, if the policy deductible is quite large it may not be worth submitting the claim, and it might be cheaper just to fix the window out-of-pocket. For a small annual fee (for example, $40 or so), some insurance providers offer to cover the cost of the deductible – making some scenarios definitely worth it for some people.


Buy Down Coverage for Earthquakes

We have this type of buy down coverage option for earthquakes as well. As one can assume, deductibles for earthquake coverage can be pretty high, so having this type of buy down coverage can come in handy in this situation (and others) as well.


The Bottom Line on Buy Down Coverage

Purchasing insurance for your home is always a smart idea. In many cases, paying a claim deductible and higher premiums can be less expensive than fixing major home damages out-of-pocket. However, sometimes the deductible and higher premiums are too expensive to make certain damages worth the claim. That is, unless you have buy down coverage that helps with such costs like deductibles. As a consumer, it’s important to understand insurance in full. That includes understanding buy down coverage options as well. We hope this article has helped you understand your options better when it comes to home insurance. Please feel free to reach out to HIP if you have any further questions about this.