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How to Calculate Coverage for Renter’s Insurance

Renter’s insurance provides protection to individuals who rent their homes or apartments in the event of fire, theft, or other disaster by covering the value of their personal belongings.

Many renters overlook the value of a renter’s insurance policy because they underestimate the value of their possessions. In fact, most individuals who rent property have at least $20,000 worth of belongings in their home that would be eligible for reimbursement.


4 Steps to Calculate Coverage for Renter’s Insurance

Calculate Coverage for Renter's Insurance

1. Compile a home inventory of your belongings including all furniture, appliances, electronic devices, collectibles, jewelry, furs, paintings, guns, and power tools.

Don’t overlook expensive items such as lawn mowers, vacuum cleaners, and sports equipment.


2. Write a description of each item in your inventory and attach a photograph and receipt, if possible.

If the item has a serial number, add that to your inventory description. Purchase dates are also important.


3. Check every room in your house–including attics, basements, and closets–to identify items that should be included on your home inventory.

One way to ensure that no items are missed is to start at one end of your house and work your way through each room, making sure to check every drawer, cabinet, and closet.


4. Determine the estimated value of your belongings based on your completed inventory and contact an insurance company that provides renter’s insurance for an accurate quote.

Many factors go into the final quote, including the location of your home, the presence of fire and burglary alarms, and the year the building was built.


Tips and Warnings

  • It isn’t necessary to take a detailed photograph of every item on your inventory list. Instead, take photographs of each room and individual photos of your most expensive possessions. Photographs of open drawers with the contents fanned out are also acceptable.
  • Keep your finished inventory in a safe deposit box or another secure location outside of the house. Make sure to update it regularly to include new purchases.

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