What is a deductible, and how does it affect my renter’s insurance premium?

Updated on September 22, 2022

A deductible is the amount of a covered claim that is your responsibility. It can vary and may be either a dollar amount or a percentage. Let’s say you have a deductible of $500; this means if you have a covered claim, you are responsible for the first $500 before insurance begins to cover the loss.

Your premium is how much you pay for coverage. Typically, the higher your deductible, the lower your premium payment, and vice versa. A lower premium may be nice for your wallet but remember to choose a deductible you can afford in the event of a loss. Your Atkinson Insurance Group agent can help you choose the coverage that’s right for you.

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