How Much Renters Insurance Do I Need For An Apartment?

  1. 429 POINTS
    Rich Haag
    President, Rich Haag & Associates, Inc., Clayton, NC
    That is a question I get asked everyday. It truly depends on how much "stuff" you own and want replaced. Many insurers have a minimum amount of coverage needed for replacement coverage to be part of the policy. Typically it is $20,000. You want to have replacement coverage so that your items are replaced with new items, not depreciated costs. A TV you purchased 3 years ago is worth much less than its replacement. A good rule of thumb to use is $10,000 per room rented. This may seem like a lot at first, but when you start adding everything up over time that you have purchased, you will see that it is reasonable.
    Answered on December 18, 2013
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