Your apartment gets robbed, and $1,560 worth of your belongings are gone. you have renter's insurance to cover the loss, but your deductible is $500. how much will the insurance company pay you for your loss?

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Business

Zion Jimenez

14 May, 16:03

Your apartment gets robbed, and $1,560 worth of your belongings are gone. you have renter's insurance to cover the loss, but your deductible is $500. how much will the insurance company pay you for your loss?

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Jefferson · Answer 1

If a renter has only given $500 for his/her deductible, and the renter gets robbed with $1,560 worth of his belongings in the apartment. The insurance company will pay the renter the remaining $1,060 because the $500 you've paid is called the out-pocket-cost. So the answer to your question is $1,060.