Renters Insurance: Why do I Need?
What is Renters Insurance?
The amount of personal property coverage you need depends on how much your property is worth.
You may think your things arenít worth much, but the average person has over $20,000 worth of stuff. Stuff thatís probably not covered by a landlordís policy.
This chart shows an example of typical personal property replacement values for a two-bedroom apartment. Your values may run more or less.
A great way to determine how much coverage you need is to take a complete inventory of your possessions:
Coverage for certain types of property has a dollar limit. Here is a typical list of the types of property that may have "special limits" in a renters policy:
General questions to ask yourself regarding your renters insurance needs
-How much are my belongings worth?
-Can I afford to buy it all back again if it were destroyed in a fire or stolen?
-What would I do in the event of a liability lawsuit against me?