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?
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.
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
Why is my car loan APR high if my credit score is 850?
"I'm shopping for a car loan and read that people can get interest rates of 2% to 3% with great credit. I have a credit score of 810, but the lowest APR I can find is 5%. What gives?"
Jun 10, 2021
How do I get cheap car insurance in Maine?
I just moved from Florida to Maine for my new job. The last time I moved, my car insurance skyrocketed, so I am *really* nervous about updating my policy. How can I make sure I am getting the lowest rate for my old car?
Apr 29, 2021
Can I pay my auto loan on Friday if it's due on Sunday to avoid a late fee?
"I get paid on Friday. I believe that if I get the payment in by Friday afternoon, it should go through the same day. If it doesn't, will my payment be considered late?"
May 26, 2021