![]() If you have a $500 deductible, your insurer will pay you $1,500 for a $2,000 claim. Choose a Renters Insurance DeductibleĪ deductible is the amount an insurance company deducts from a claims payment. A good rule of thumb is to buy enough liability insurance to cover what could be taken from you in a lawsuit. You also want to think about how much liability coverage you need. The amount you choose depends on your belongings and how much you have to lose. You may only need $15,000 worth of coverage or you could even go with $50,000 coverage. Renters insurance allows you to choose the amount of personal belongings coverage. Determine How Much Renters Insurance you Need You choose the amount of liability coverage and can add umbrella insurance for extra liability insurance. That includes legal defense costs if you get sued because of an accident. Liability insurance pays for injuries and damage that you accidentally caused to others. Renters insurance also often has liability insurance coverage. ![]() It doesn’t protect the physical apartment, which is covered by your landlord’s insurance. Renters insurance covers personal property, such as furniture, clothing, jewelry and electronics. Getting renters insurance can be broken down into a simple process: Understand What Renters Insurance Covers (and Doesn’t Cover)
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