What deductible should I chose for renters insurance?

Question

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?

Answer 1

Well, that $100 deductible is costing you more.  Sure, that's a fine deductible.

Answer 2

It's whatever you're comfortable with.  The lower the deductible, the higher the premium.

Answer 3

Yes, $100 is OK.  But you should look for the highest deductible you are willing or able to handle.  I have a $1,000 deductible on my auto insurance and a $1,000 on my homeowners' insurance.

Insurance is supposed to be for large claims that you cannot afford to cover yourself.

Answer 4

If the premium is very close, you are probably ok.

If it was a large difference, you could take the higher deductible and save the difference in your bank.

If a loss occurred, you could use the savings, but, if no loss occurred, you are ahead with cash in bank.

Answer 5

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.

Answer 6

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