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

Subscribe

    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

    Insurance

    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:

    Insurance

    Your Complete Guide to Pet Insurance

    Your fur babies deserve nothing but the best, whether that includes their food, toys, home, or bed. Something many pet o...

    Insurance Homeowners

    High-Value Home? Consider This in Your Hunt for Insurance

    If you own a home worth more than one million dollars, you want to make sure it is thoroughly covered by your homeowner'...

    Insurance Personal Finance

    Reevaluating Life Insurance Adoption After the Pandemic

    Three years after the COVID-19 pandemic began, Americans are still feeling its emotional, physical, and economic impact,...

    Let Us Know What You Thought about this Post.

    Put your Comment Below.

    Blog-CTA-Icon_Webinar-Video

    FREE WEBINAR

    SWBC Business Matters: 2024 Property Tax Outlook

    Join our 4th annual fireside chat with two Texas property tax experts as they discuss the state of property taxes in 2024 and beyond. 

    On Demand | Duration: 84 minutes

    Watch Now