What Is A Good Amount For Renters Insurance?

  1. 22 POINTS
    Dan Beukelman
    CSR, American Family Insurance,
    That would vary a lot based on your household and how much personal property you have.  An easy rule of thumb, is that if you have a basic lifestyle, figure $10,000 - $15,000 per bedroom.  So if you have a 2 bedroom apartment, you might go $30,000 but I suggest making an inventory, assigning values to each item and adding it up.  You can do that for free at www.amfam.com/dreamvault .
    Answered on March 17, 2014
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  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    A quick way to determine the amount of renter’s coverage that you need is to take a camera and photograph everything in the unit that belongs to you.  Open a spread sheet and list everything in the pictures with the price to replace what is in the picture.  Total the replacement prices and you have the amount of renter’s insurance that you need.  There is another part of the policy and that is the liability section.  I recommend that you take the highest limits available.  A lawsuit can bankrupt you.
    Answered on July 3, 2014
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