How Does Renters Insurance Deductible Work?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    When a loss occurs you can file a claim against the renter’s policy.  The company will investigate and settle the claim based upon the value of the property that was lost, the limit of coverage and the deductible.  If there is $50,000 in personal property coverage and the loss is fixed at $30,000 you would be sent a check for $30,000 minus the deductible.  If the deductible in the policy is $250, you would receive a check for $29,750.
    Answered on May 19, 2014
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