What is a deductible in renters insurance?
Updated 7 months ago | Frequently Asked Questions
A deductible is the amount of money withheld from your claim reimbursement after a loss. For example, your two-year-old laptop is stolen and the actual cash value of that laptop is $500, but the cost to replace it is $800. GradGuard’s program will reimburse for the replacement cost of your laptop, less the deductible.
$800 (laptop) - $100 (deductible) = $700 claim payment
Deductibles keep the cost of insurance lower and are put in place to mitigate the financial exposure of the insurer in the event there are multiple claims on a given policy. Most renters insurance policies have a minimum deductible of either $250 or $500. The GradGuard College Renters Insurance policy has a deductible as low as $100*, which provides significant savings to our policyholders in the event of a claim.
You choose your set deductible at the time of purchase. A deductible is on a per claim basis rather than per item basis.
*Florida policies require a minimum deductible of $250.