How much renters insurance do you need?
Your personal property coverage limit on your renters policy should be enough to cover all of your belongings, and your liability coverage limit should be set high enough to protect your assets. Although renters insurance is never mandated by law, your landlord or rental company may require a certain amount of personal property and/or liability coverage before you can move in.
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How to determine how much renters insurance you need
A typical renters policy will include personal property and liability, as well as medical payments and loss of use coverage. You can figure out the necessary amount of personal property coverage and liability coverage by taking an inventory of your possessions and adding up your net worth.
Your loss of use coverage limit isn't typically something you can customize. Depending on your insurer, your coverage amount may be a set amount between $3,000 and $5,000 or a percentage of your personal property coverage limit.
Determining your personal property coverage limit
When was the last time you got a real good look at everything you own? Completing a home inventory can quickly help you select your personal property coverage limit by determining roughly how much your stuff is worth. Personal property coverage limits generally range between $10,000 and $100,000; you can typically choose a limit that covers the value of all your belongings.
Choosing your liability coverage limit
Renters insurance companies typically offer three options for renters liability coverage: $100,000, $300,000, and $500,000. Choose the limit that best protects your net worth. You can figure out your net worth by adding up all of your assets, such as checking, savings, and retirement accounts, and subtracting your debt.
Pro tip:
According to 2023 data from Progressive Home, the average cost of renters insurance from Progressive ranged from $13 to $28 per month,* depending on a variety of factors, including where you live and how much coverage you select.
Options for additional coverage
- Add a rider: If you need additional coverage for items that exceed the sublimit on your renters policy, you may want to schedule the item. This can include valuable jewelry, custom equipment, and more.
- Personal injury coverage: May help pay for legal fees and damages if you're deemed liable for slander or defamation.
- Water back-up coverage: A standard renters policy likely won't help in the event water backs up through sewers and drains or discharges from a sump pump. Additional water back-up coverage may help pay for the damage to your personal property and the cost to clean up.
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