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 (0). Is this ok? My bank had it set to 0. Is there anything wrong with getting the lowest deductible? I recalculated everything with the 0 deductible, and the premium didnt change really. Is 0 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.
It’s whatever you’re comfortable with. The lower the deductible, the higher the premium.
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.
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.
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
Well, that $100 deductible is costing you more. Sure, that’s a fine deductible.