The standard homeowners deductible is $250. Deductibles apply to every property loss, and are designed to reduce the frequency of losses and eliminate small claims. Keeping small claims out of the insurance system reduces overall cost for property insurance. If you can afford to pay more out of pocket in the event of a claim, you can save substantially on your policy. Increasing your deductible to $500 will probably decrease your premium by 10%. Call your account manager for an exact price on your policy.