Most home insurance policies will include deductibles that you will have to pay for certain damage. In Texas, deductibles generally range from $500 to $2,500. So, if you have a $5,000 policy claim and a $1,000 deductible, you will pay the $1,000. Then, your policy will pay the remaining $4,000 of the claim.

Generally, if you choose a higher deductible, your insurer will reduce your policy premium because you will now represent a lower risk to them. So, getting a high deductible might prove to your advantage. However, keep in mind, if you choose too high a deductible, you might not get full help from a policy claim. For example, if you have a $1,000 deductible and only a $500 claim, then you will receive no help from your policy. Could you afford to pay that $500 on your own? So, your security will depend on finding the right balance of deductible and affordability.