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Does renters insurance have a deductible?
My sister and I are moving into an apartment together and getting all the paperwork needed for our renters insurance. I’ve heard our mom talk about choosing a deductible for her home insurance—does renters insurance have a deductible too?
Bellina Gaskey · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on moving out of the house! Yes, renters insurance does have a deductible—the most common amount is $500 or $1,000.
A deductible is the portion you agree to pay if something happens and you have to file an insurance claim. If someone steals your $700 TV and your deductible is $500, the insurance company will subtract your deductible from the total damages and only pay you $200.
The lower your deductible is, the less you’ll have to pay after an incident, but the higher your monthly rates will be in compensation. Remember, insurance companies are trying to lose the least amount of money possible while providing coverage their clients will want.
If you have questions about finding the right renters policy for you and your sister,
Jerry
can help! Download the Jerry app to browse competitive quotes from top name-brand providers. Jerry can even help you bundle your renters policy with
car insurance
to get 5-15% off both policies!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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