Here are some guidelines:
- Consider enough coverage to replace all your personal belongings.
- This includes furniture, electronics, clothing and household items.
- You might want special coverage for valuables like jewelry and collectibles.
- Keep an inventory of everything you want to be covered by your policy.
Q: I’m getting renters insurance for the first time. How do I figure out how much coverage I need?
Farmers Insurance® agent Art Rusak of Chicago, Illinois, talks about coverage limits on renters policies.
A: The amount of coverage you should consider getting depends on the combined value of all your personal possessions. Make a written inventory of what you brought into the place — furniture, electronics, clothes, the stuff in your closets and cupboards. Now think of what it would cost to replace everything with new merchandise at current prices. This will give you a good idea of how much renters coverage you might want to have.
Consider adding photos or video to your inventory, and then uploading it to a cloud for safekeeping. If your belongings are destroyed by a fire or other sudden event, you’ll have an accurate record of everything you’ve lost. Trust me, you don’t want to try to remember it all after the fact.
You might want special coverage for expensive items like jewelry, fine art, collectibles and cameras. To make sure your valuables are covered the way you want, you’ll list them on your policy by name, along with their appraised value.
Remember that your landlord’s insurance is for the building — not anything that belongs to you. Tenants would need their own renters policy if they want to protect themselves from loss.
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