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| How much do I need? |
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The amount of personal property coverage you need depends on how much your property is worth.
You may think your things aren’t worth much, but the average person has over $20,000 worth of stuff. Stuff that’s probably not covered by a landlord’s policy.
This chart shows an example of typical personal property replacement values for a two-bedroom apartment. Your values may run more or less.
| Personal Property |
Replacement Value |
| Furniture |
$ 8,907 |
| TV, VCR, Stereo, Tapes, and CDs |
1,777 |
| Home Computer |
1,647 |
| Microwave |
151 |
| Other Appliances |
240 |
| Clothing |
3,700 |
| Paintings, Prints, Photos |
792 |
| Glassware, China, and Silverware |
612 |
| Sports Equipment |
600 |
| Cameras and Photographer’s Equipment |
795 |
| Books |
704 |
| Jewelry |
1,023 |
| All Other Property |
4,000 |
| TOTAL PERSONAL PROPERTY |
$24,948 |
Take inventory
A great way to determine how much coverage you need is to take a complete inventory of your possessions:
- List each item, when you acquired it and the purchase price or current value.
- Total up the amounts of these items to give you a rough idea of what your property is worth.
- Once this is done, put your inventory in a safe place away from home -- for example, in a bank safe deposit box.
- Consider adding photos to your inventory -- they can help if you have a claim.
Something else to keep in mind
Coverage for certain types of property has a dollar limit. Here is a typical list of the types of property that may have "special limits" in a renters policy:
- Money, bank notes, coins
- Business property (on and off premises)
- Securities, negotiable instruments
- Watercraft, including trailers, furnishings and equipment
- Trailers (other than boat trailers)
- Jewelry and furs
- Firearms (limitation applies to theft only)
- Silverware and goldware (limitation applies to theft only)
If you have this type of property, you may need special coverage -- either an endorsement or a personal articles policy.
General questions to ask yourself regarding your renters insurance needs
- How much are my belongings worth?
- Can I afford to buy it all back again if it were destroyed in a fire or stolen?
- What would I do in the event of a liability lawsuit against me?
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