What is a renters insurance deductible?

In the event you need to file a claim, your renters insurance deductible is the amount you pay out of pocket, and your insurance pays out the remaining claim total. Renters insurance deductibles often range between $250 and $2,500 on personal property claims. Liability coverage on your renters policy typically won’t have a deductible.

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How do renters insurance deductibles work?

According to The Insurance Information Institute, "a deductible is the amount of money that you are responsible for paying toward an insured loss." For renters insurance, the deductible usually applies to your policy’s personal property coverage. For instance, say your apartment was broken into, and your television worth $2,000 was stolen, and you have a $500 deductible. If your claim is approved, your renters insurer might pay out $1,500.

A deductible typically won’t apply to your policy’s liability coverage, medical payments coverage, and loss of use coverage.

What are the most common renters insurance deductible options?

When it comes to renters insurance deductibles, "the most common deductible is $500," according to SafeHome.org. Other common deductible amounts are $250, $1,000, and $1,500.

Should I select a higher or lower deductible amount?

The right deductible amount is the one that best fits your budget. If you can pay a higher monthly or annual premium, having a lower deductible in the event of a claim may be worth it. However, a one-time payment of a higher deductible can lower your monthly or annual premium to fit your overall monthly budget, if necessary.

How does what you want to cover impact your selection?

Regarding your personal belongings, most renters insurance policies cover the basics – furniture, some electronics, etc. But if you're also looking to add an engagement ring to your policy, you may want to consider adding a rider.

Some individual items may exceed – or come close to exceeding – your personal property coverage limits, meaning that in the event something happens to your belongings, only certain items may be covered. Adding a policy endorsement, such as a rider, can help extend your coverage amount to ensure proper payout amounts on a particular scheduled item, though it will likely increase the amount you pay for your policy.

Learn more about what renters insurance covers.

Have a question about your renters insurance deductible?

If you're a current or new Progressive customer, we can answer questions about your renters or homeowners insurance deductible:

Current Progressive customers

Call us at 1-866-749-7436 and we'll talk through your questions.

New Progressive customers

Get a renters insurance quote online or call us at 1-866-749-7436.

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Learn more about renters insurance.