Financial Information
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?
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.