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How can I estimate how much renters insurance to get?

Daniel Walker
Licensed Insurance Agent for 15 Years

UPDATED: Mar 19, 2020

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Knowing how you can estimate how much renters insurance to get is very important for anyone looking to take out such coverage. Taking out too little will mean that you would get insufficient funds to replace your belongings if you experienced a loss.

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Taking out too much may put you at risk of being accused of fraud and trying to profit from insurance if you made a claim. A thorough inventory of your personal belongings will provide you with a reasonable estimate of how much renters insurance to get.

Doing an Inventory to Determine Renters Insurance Coverage Needs

To figure out how much renters insurance you need to carry, you will need to take the time to prepare a detailed inventory of everything you own. Good renters insurance is based on 100% replacement cost, so as you do an inventory of your belongings, calculate them based on how much it would cost to replace them new. Doing an inventory is not complicated. It just requires a little time.

Compile a list of your personal belongings and their replacement cost value. Include the following categories:

  • Furniture
  • Electronics
  • Music and movies
  • Computer equipment and accessories
  • Clothing
  • Jewelry
  • Kitchenware such as dishes, silverware and cookware
  • Décor items
  • Cameras
  • Appliances
  • Miscellaneous property

Keep a copy of your inventory at work or give one to a family member or friend, so you can easily access it in the case of a complete loss.

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Saving on Your Renters Insurance

Everyone is looking to save money these days. Those looking for renters insurance are no exception. The one place you do not want to scrimp on in order to save money is on how much renters insurance you actually get. Therefore, it is to your advantage to learn about the other ways you can save on the cost of this type of insurance, without sacrificing coverage.

You will want to ask the insurance company you are dealing with about the type of discounts they offer. Typically, companies offer a multi-line discount. This means that if you insure both your car and your apartment through the same company, you will be eligible for a discount on each.

Equipping your apartment with security and safety devices will also save you money. Discounts are typically given for rental units equipped with burglar alarms, window locks, dead bolt locks, smoke alarms and sprinkler systems. You may also get discounts on the total premiums for being a senior citizen, belonging to certain groups or organizations, having a non-smoking household, living in a gated community or choosing certain payment options.

Another way to save on your renters insurance is to raise the deductible on the policy. This means that you will be responsible for a higher amount, before the insurance kicks in, if you were to experience a loss. However for the insurance company, it takes them off the hook for small claims. This means your premium will be significantly lower.

The most important thing to do when you are looking to save on your renters insurance while still carrying sufficient coverage is to shop around for coverage. The many companies offering such coverage each have different guidelines. Comparison shopping will help you find the best coverage for your rental.

Get Renters Insurance Now

When you have determined how much renters insurance to get through the use of a realistic inventory, the next step is to get price quotes to compare. You can get a variety of renters insurance quotes quickly and easily by using a free online renters insurance quote tool. You input the zip code of your rental unit to begin. The tool will prompt you to answer questions about the type of coverage you need, the structure of the building, and the safety and security features found there. Then your information will be transmitted to insurers serving your area.

Compare the quotes you get by looking at price, the coverage and the company itself. You will want to make sure that the coverage being offered is for the same duration as the others you are comparing and that there are no unusual exclusions.

When you have narrowed your choice to a couple of quotes, check out the insurance company itself for stability and reputation. You can learn about its financial stability by contacting one of the independent insurance ratings companies like Standard & Poor’s or Moody’s. You can find out about a company’s reputation through an online search for reviews of it or by contacting the complaints division of your state’s department of insurance.

Get started today comparing renters insurance quotes by letting an online quote tool do the work for you.

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