Michigan Logo


Understanding Home Insurance Deductibles: An Interview with Steven Finn of Finn's JM&J Insurance Agency

By Steven Finn

Tell us a little bit about your company and its foundation.

We are a family run independent insurance agency that has been selling insurance since the 1960s in Washtenaw County, we offer Home, Auto, Business, Life, Health, Disability, and Long Term Care insurance. We have two locations one in Ann Arbor and one in Dexter.

What are some of the services your company provides?

As an independent insurance agent we have the benefit of comparing your insurance across multiple carriers and are not locked into one Insurance carriers rates.

First off, what is the definition of a deductible?

A deductible is an amount the insured must pay in the event of a claim.

What are the two types of deductibles? Do these types ever vary across different insurance companies?

There are standard dollar figure deductibles ($500, $1,000, $2,500, etc.) and percentage deductibles (1%, 2%, 5%, etc?). In the percentage deductible there are two different ways the percentage can apply depending on the policy. It can either apply as a percentage of the loss or a percentage of the total insurance coverage.

How are deductibles calculated? Is it more common for an insurance company to use fixed dollar amount or a percentage of my home's insured value?

In the past a fixed dollar amount was more popular however for Building, and Contents coverage companies are beginning to apply a percentage deductible to the wind and hail claim.

What are the disadvantages to choosing a higher deductible?

A higher deductible's disadvantage is that at time of loss it can end up costing you more. The advantages? Is that it can reduce the initial insurance cost.

What's the best way for people to get in contact with you and your company?

Our companies contact information is:
Finn's JM&J Insurance Agency Inc.
483 Little Lake Drive
Ann Arbor, Mi 48103

Share this:


Leave a comment:

* Login in order to leave a comment. Don't have an account? Join for Free

About The Author

Phone: 734-668-4050

View Profile

Become an Expert Contributor

Have some knowledge to share, and want easy and effective exposure to our audience? Get your articles or guides featured on Michigan Homes today! Learn more about being an expert contributor.

Learn More