I’ve been a little slow getting back to this thread but I’m pleased to report that we saved $1,000 a year by calling our insurance agency and talking about both our deductible and also the amount they were using to base our ‘rebuild’ costs for our current home policy. Our deductible was already at $2,500 (I wasn’t sure at the time). We did have to wait for an inspector to come out to value our home and take a bunch of pictures, but he must have agreed that the value that the insurance company was using was about $150k too high. So yippee!!
Mr.Need2Save did price compare a few other insurance options, but they were all higher than we had currently.
Also - I can confirm that raising the deductible to $5,000 (from $2,500) was only going to save us $68 a year in premiums. Just like @BrandNewPapa and @60MinuteFinance said, there seems to be ‘diminishing returns as the deductible creeps up’. To @HighIncomeParent, if our house is worth say $650k to $675k (rough estimate) than 1% would require a deductible around $6,500 and from what they told us with the $5,000 option, it wouldn’t save us enough to make it worth while. I still like that idea though!
Thanks to everyone who responded.