Every renters insurance policy has limits – the maximum amount the insurance company will pay for a covered loss. These limits can apply to both the total amount of a claim and specific categories of items, such as jewelry or electronics. You can often adjust these limits to suit your needs, although higher limits can mean a higher premium.
The deductible, on the other hand, is the amount you agree to pay out of pocket before your insurance kicks in. Typically, choosing a higher deductible can lower your premium, but it's essential to balance potential savings with what you can afford to pay if you need to file a claim.
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