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Increasing Your Deductible: A Double-Edged Sword

Opting for a higher deductible is a well-known method to lower your monthly premium. While this can lead to immediate savings, it's important to ensure you can afford the out-of-pocket expense if you need to make a claim. For example, increasing your deductible from $500 to $1,000 could reduce your premium by 10% to 20%³. Carefully assess your financial situation and risk tolerance before making this decision.