How To Determine Amount Of Renters Insurance?

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   This is perceptive question, and the answer may surprise you.  You should choose liability coverage first and it should exceed your net worth.  If you have stocks, property, autos and other assets take the most liability coverage available.  The second part is no less complicted, insure the property you own inside the rented building to the amount it would take to replace it.  To do that you need to think in terms of a fire, and filling out a claims form.  What will it cost to replace your couch, or bed with like quality pieces.  You probably need a record of either what you paid for the item or at a minimum an image of the piece itself.  When you have done that, total your pieces and you then have the amount of property insurance you should purchase.  Please don't forget though that a lawsuit could be much more expensive than a fire so chose your liability coverage carefully.

   Answered on February 24, 2014

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