Consumption and Real Estate
What deductible should I chose for renters insurance?
Question : What deductible should I chose for renters insurance?
I ran a quote for renters insurance thru my bank. They also had a little section where you can build your own quote. One of the catagories I can adjust is the deductible. I went with the lowest amount ($ 100). Is this ok? My bank had it set to $ 250. Is there anything wrong with getting the lowest deductible? I recalculated everything with the $ 100 deductible, and the premium didnt change really. Is $ 100 ok?
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Best answer:
Answer by src50
It’s whatever you’re comfortable with. The lower the deductible, the higher the premium.
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#3 written by Queen B 1 year ago
i would not go that low. the lowest i would tell you to go would be 250 and to try 500 if you can afford it. the reason being this: the lower your ded the higher the premium and when people carry a very low ded they tend to want to make very small claims that can add up and then its hard to get insurance as they stay on your record 3-5 yrs
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#4 written by regerugged 1 year ago
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It’s fine as long as you understand how much more it’s going to cost in premium. I would run some numbers and see how much it would add up in 5 years if you went with a $ 250 or $ 500 versus a $ 100. If the money being saved by the larger deductible is not enough to justify it in your mind, go with the $ 100.