How do I know how much renters insurance to buy? | State Farm®

You’ve followed your rental guide and it’s time to move! your furniture is in place, the utilities are connected, and your rental unit is starting to look like a home. Is renters insurance next on your to-do list? If you answered no, you are not alone. According to Independent Insurance Adjusters & brokers of america (iiaba), nearly two-thirds of residential renters in the united states do not have renters insurance.

However, a renters policy is more important, accessible, and affordable than you think, and in some cases, landlords require renters insurance. But renters are often unclear on what renters insurance is, what it covers, and how much they need.

what does renters insurance cover?

In short, renters insurance covers what you own. Most homeowners insurance covers only the building and damage caused by negligence. Coverage for some of the most common causes of property damage and loss, such as theft, vandalism, and fire, is entirely up to you. Without renters insurance, you may have to bear the financial burden of a loss on your own, including the cost of a hotel stay if you can’t live in your apartment while repairs are being made.

Do you want to protect your things?

Most tenants’ belongings cost more than they realize. In fact, the average person has more than $35,000 worth of belongings that probably aren’t covered by a landlord’s policy. take a moment to add up the approximate cost of your computer, television, stereo, furniture, jewelry, and clothing. If a fire destroyed your apartment tomorrow, would you have the money to replace it all?

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Renters insurance also covers much more than just your personal property. the average policy can include up to $100,000 in liability coverage. That means that in the event of a covered loss, your insurer will help cover the costs if you are responsible for injuring someone else or damaging someone else’s property, including your landlord’s property. furthermore, this coverage applies whether the incident occurred within your residence or elsewhere.

Make sure you’re protected against the unexpected with renters insurance. get a free quote now.

How much renters insurance do I need?

Renters insurance is relatively inexpensive. According to Independent Insurance Agents and Brokers of America, Inc. (iiaba), the average renters policy costs just $12 a month for up to $30,000 in personal property coverage. that’s solid coverage for less than the cost of a few cups of coffee a week. Here are some tips to help you determine your insurance needs.


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