Before you file a renters insurance claim, you need to ensure that you meet the deductible, which is the amount you must have paid before the insurance provider can bear the cost. Usually, this amount is set at either $1000 or $500, which means the first $1000 or $500 is on you. Regardless of the value of property stolen, you only need to meet the deductible once. This means if you lose multiple belongings worth $5000, you don’t only need to cover the $500 or $1000, and the insurance provider will pay the remaining $4500 or $4000. You don’t have to meet the deductible for each belonging. Also, the insurance provider will only pay you up to the maximum amount stated in the policy. For instance, if you lose belongings worth $20,000 but your maximum amount is $15,000, the insurance provider will not pay more than $15,000.