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What's a deductible for renters insurance?
I’m going to be a sophomore in college. I’m switching from living in a dorm to an apartment off-campus, so I need renters insurance. What is a deductible for renters insurance? I’ve never heard the term.
Bellina Gaskey · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
College life can be so exciting—but you also have to start paying attention to things like utility bills and insurance. But the good news is that renters insurance is pretty cheap and easy to understand!
A deductible for renters insurance is the amount you’ll need to pay to repair or replace damaged items before the insurance company kicks in. Let’s look at an example.
Say you have a $100 deductible on your policy and a fire damages $300 worth of stuff. You’ll file a property damage insurance claim and list the $300 of damage. The insurance company will subtract your deductible for that amount and give you $200.
This means you’ll have to pay $100 (the deductible amount) to help replace your damaged items.
Similarly, if you have an incident that leaves you with a damage amount less than your deductible, you won’t be able to file an insurance claim for it. This leads many people to believe that they should opt for the lowest possible deductible.
A low deductible may seem like the best way to avoid financial losses but the lower your deductible is, the higher your monthly insurance bills will be. An insurance company will lose more money if you file a claim with a lower deductible, so they charge more upfront to compensate.
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- 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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