How Much Renters Insurance Should I Carry?
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaThere are two parts to the question because there are two major parts to a renter’s policy. The policy should have as much liability insurance as you can possibly afford, bankruptcy can ruin your future. To determine the amount of property coverage I suggest that you take pictures of everything in your unit. Then very, rationally sit down, make a list of the property and assign a replacement cost to each. The sum will be the amount of property coverage that you should carry.Answered on August 7, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! To answer it really simply, you need enough to cover the cost of your stuff if it were to be destroyed, and enough liability to cover if someone were to get hurt in your apartment ( or you were the one who caused the destruction) and decide to sue you. Hopefully that wouldn't ever be an issue, so generally the balance of your decision lies with the value of your stuff. To come up with that number, ask your agent if they have a value calculator, and then adjust that figure as needed, or go old school and list everything ( brooms and garbage cans included - everything that you would have to replace) and its approximate value. That total is what you want as a starting point for your coverage. I hope that helps, thanks for asking!Answered on August 8, 2014flag this answer
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