If my losses add up to less than the maximum payout on my renters policy, will I still get the max payout?

My renters insurance has a $50,000 limit. If, in some future disaster, I only lose $35,000 worth of things, will I get the full $50,000 anyway?

Answer
If you find yourself in a disaster and the amount of personal property that was lost, stolen, or damaged does not add up to the full amount of coverage you are insured for, you will only be refunded the amount that you actually lost. Anything above that would not be covered or paid out for. It’s the insurance company’s duty to make you whole again, not to provide you with any extra financial benefits.
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Alexah Grinnell
Answered on Apr 09, 2021
Alexah Grinnell has been working in the insurance industry for 5 years with a primary focus of coverage consulting in the sales department. She has been working for Jerry Insurance since July of 2019 and has also has experience working for AAA and State Farm. She currently lives in Rochester, NY with her husband and 3 kids
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