CSR/Producer, David Schuppler & Associates, Milwaukee, Wisconsin
Renters Insurance typically provides coverage for personal property/contents and for liability(including medical payments). The higher the liability and medical payments coverage limits you choose, the better. These days lawsuits are all too common and having high liability limits will help protect you.
As far as contents/personal property coverage goes; all of your, "stuff," has value. Add up what you think it is all worth and that amount should be your limit. Let's say you rent an apartment, imagine flipping the building upside down and shaking it. Everything that falls out of your apartment is what you should assign a value to. This can be an estimate, you don't need to go overboard searching through receipts. Typical renters policies I issue contain $15,000-30,000 of contents/personal property coverage. Of course the values vary drastically depending on if you are for example, a college student or a 50 year old CEO who rents.
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As far as contents/personal property coverage goes; all of your, "stuff," has value. Add up what you think it is all worth and that amount should be your limit. Let's say you rent an apartment, imagine flipping the building upside down and shaking it. Everything that falls out of your apartment is what you should assign a value to. This can be an estimate, you don't need to go overboard searching through receipts. Typical renters policies I issue contain $15,000-30,000 of contents/personal property coverage. Of course the values vary drastically depending on if you are for example, a college student or a 50 year old CEO who rents.