<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=905697862838810&amp;ev=PageView&amp;noscript=1">


    Insurance | 1 min read

    How to Calculate the Amount of Renters Insurance You Really Need

    All too often, renters—especially young, college-aged adults—don’t think that they’d benefit from a renters insurance policy. They quickly discount the value of their personal items, when in reality a quick inventory of the value of common items in their household may surprise them.

    When you actually take the time to calculate how much your belongings are worth, you may be shocked to learn how quickly you surpass the average value of $20,000.

    Typically, a landlord will have a dwelling policy insuring the apartment or house that you’re renting, but keep in mind, that only covers the dwelling structure (i.e., the cost it would take to rebuild the unit). Don’t be surprised to learn that your personal property remains fair game for a catastrophic situation such as a theft, fire, or another unforeseen circumstance. So, don’t leave your personal items unprotected.

    Consider what it would cost to replace all your personal belongings should they be lost to you. Even further, what are those items worth to you? Studies have shown that renters typically have more than $20,000 in personal belongings, especially in today’s day and age when younger adults possess some high-value electronic items. Think about how quickly the value of televisions, computer systems, electronics, and gaming systems add up.

    On a side note, some renters insurance policies include “loss of use,” a coverage that is engaged for any covered loss that renders you unable to live in your home or apartment.

    Whether you fall short or surpass the average value of $20,000, an insurance agent can help you determine the amount of renters insurance that is most appropriate for your situation. It’s safe to say, the value of having coverage is well worth the cost of renters insurance.

    Download our inventory worksheet to calculate the estimated value of your personal possessions.


    Related Categories


    Jacki Cameron

    Jacki Cameron is the Personal Lines Manager for SWBC Insurance Services. She specializes in all personal insurance product lines and has significant experience working with clients who often have varied, unique asset protection requirements. Known for her knowledge and for developing outstanding customer relationships, Jackie has more than 20 years in the insurance business and is a key expert in the industry.

    You may also like:


    Are You Getting Enough Coverage with Your Homeowners Insurance?

    As your wealth grows, it’s important that your insurance protection reflects this increase in value. If you’ve enjoyed s...

    Disaster Preparedness Insurance

    Winter Is Coming—Do You Need a Backup Generator for Your Home?

    When Winter Storm Uri—or as I like to call it, the Snowpocalypse—hit Texas back in February, leaving over three and a ha...

    Financial Planning Insurance

    Straight Talk: The Importance of Discussing Finances with Your Family

    Talking about money is one of the most socially taboo conversations in American society. We are startlingly opposed to d...

    Let Us Know What You Thought about this Post.

    Put your Comment Below.


    Let us help you find the Happiest Way Home!

    Finding a home loan that's right for you doesn't have to be complex.

    Learn More