That's the amount of cash you pay of pocket before your coverage kicks in. The higher your deductible, the lower your premium. Actual money value renters insurance coverage will pay you the worth of personal belongings at the time of a claim, not the cost you spent for them or the cost it would cost to change them. Replacement expense tenants insurance coverage covers the expense of repairing or changing the item at the time of the claim. Replacement expense renters insurance coverage pays out a lot more if you require to submit a claim, but it also costs more. Get a tenants insurance coverage quote without the confusion.