Renters Insurance: What are my deductible options?

What are my deductible options?

Deductibles

The deductible is the portion of a covered loss that is your responsibility. Although deductibles vary by state, they are typically available in amounts such as $250, $500, or $1000.

For example, if you had a $500 deductible, you would need to pay $500 of the covered loss.

Generally speaking, higher deductibles lower your premium, but increase the amount you must pay out of your own pocket if a covered loss occurs. Ask yourself how much you are willing to pay in order to save on premium.

Other things you should know about our renters insurance policies

Loss Settlement Provisions/Personal Property

Limited Replacement Cost Loss Settlement

Provides payment based on the cost to repair or replace the damaged property at the time of loss, if actually replaced.

Depreciated Loss Settlement

Provides payment based on the cost to repair or replace damaged property less depreciation at the time of loss.

Personal Property Special Limits

While the Personal Property Loss Settlement provisions determine the loss payment on your personal property, itís important that you know that special limits apply to certain types of property.