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What is a deductible for renters insurance?

I’m looking to buy renters insurance when I move into an apartment next month. I know how it works with cars, but what does a deductible for renters insurance look like?

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Claire Beaney · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good move—renters insurance is a really valuable investment! Thankfully, a deductible has a similar meaning across all types of insurance. A deductible for renters insurance is the amount of money the insured person has to pay towards a loss claim.
The deductible is a financial sum or a percentage that’s reduced or removed from your claim payout. For example, if a fire damages your $1,000 TV, and your deductible is $500, your insurance provider will pay $500 to cover the TV.
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