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.