|How much do I need?
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.
||Replacement Value |
|TV, VCR, Stereo, Tapes, and CDs
|Paintings, Prints, Photos
|Glassware, China, and Silverware
|Cameras and Photographer’s Equipment
|All Other Property
|TOTAL PERSONAL PROPERTY
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:
If you have this type of property, you may need special coverage -- either an endorsement or a personal articles 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)
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?