Sorry Steve, I meant to say 1.0%, and I cannot correct the above post. In my case, I went from having $1,000 deductible, for all losses, to 1% of covered value of the home. The covered value of my home is $626,900, making my new deductible $6,269, before the insurance will cover any loss.

I complained about it to my insurance company, and they lowered the deductible to $5,000 for the next year, but charged me $34 for it. They said they would probably not do that in the future. Interesting result was that my total bill for the year went down $2.00, of course that was before the $34 surcharge . Whoopeee.

To answer your second question: A $1,000,000 house would have a $10,000 deductible. Interesting also, my first house cost me $13,000.

Note: This is a homeowners policy, not earthquake, which I also mentioned in the original post.