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How Much Renters Insurance Coverage Do I Need?
Home » Insurance » Renters Insurance » How Much Renters Insurance Coverage Do I Need?The amount of personal property coverage you need depends on how much your property is worth. If though you may think your things aren't worth much, the average person has over $20,000 worth of stuff and these things are probably not covered by a landlord's policy.
The best way to determine how much coverage you need is to take a complete inventory of your possessions. You should 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 your inventory is completed, consider adding photos to your list and place them in a safe place away from home, such as a bank safety deposit box.
Certain types of property have a dollar limit on the coverage of these items. Items such as money, bank notes, coins, business property, securities, negotiable instruments, watercraft, trailers, jewelry, furs, firearms, silverware and goldware. If you have these types of properties, you may need special coverage, either an endorsement or a personal articles policy.
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