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What are deductibles and coverage limits based on for renters insurance?

"I am shopping for renters insurance. I would like some advice so I will know if I am getting a good deal. What are the deductibles and coverage limits based on? Is it the value of my belongings? The size of my apartment?

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Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The two types of coverage for a renters insurance policy are personal property and personal liability. The limit for personal property coverage should be the amount of coverage that you would need to replace your belongings. Compiling an inventory may help you decide on a limit, or you could discuss it with your insurance agent.
The typical amount of personal liability coverage for a renters policy is $100,000. This amount ensures that you would have enough coverage to protect you under most circumstances.
The deductible is the amount that you would pay out of pocket before the insurance company pays anything. This should be an amount that you are comfortable with (typically around $500). The lower the deductible, the more expensive your insurance policy.
The best way to make sure that you are getting a good deal is to compare multiple quotes with the same exact limits and deductible amounts. Most of these quotes should be around the same price. “
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