What Is A Deductible In Renters Insurance?
95 POINTSview profileRobert WoodardPresident, Sage Insurance, Mattoon, IllinoisQuite simply, it's the dollar amount that you will have to pay upfront in the event of a claim. If your deductible is $250 and your total damages equals $1000, then you will pay the first $250 and the insurance carrier will write you a check for the remaining $750.Answered on August 30, 2013flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! In the insurance world, the part that you have to pay to help limit expenses for the company is called a deductible. It has kind of a dual purpose - it lets you have some "skin in the game", almost like a deterrent to being careless - if you know that you have to pay up front first. The second part is to help lower the cost of the policy, by sharing the costs. Thanks for asking!Answered on May 13, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaWhen you have a property loss on your renter’s policy, the adjuster will determine the amount of loss. When you agree with the adjuster, a settlement is reached. The amount of the settlement will be reduced by the deductible and paid to you. There isn’t a deductible if the claim is a liability claim. The purpose of the deductible is to reduce the number of small claims.Answered on July 9, 2014flag this answer
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