How Much Renters Insurance is Adequate?

Whether your landlord requires renters insurance or you have decided to purchase it, you’re likely aware that this type of insurance can be very valuable. If you’ve been dealing with renters insurance for years, then you’re probably quite knowledgeable about the process and how much to purchase that will provide ample coverage. However, if you’ve never had a renters insurance policy before, you might have no idea how much the renter’s insurance is adequate. Here is a quick overview that can help.

Determine How Much Your Property is Worth

You can’t decide how much renters insurance is adequate without determining how much all your belongings are worth. You must calculate the value of 100% of your belongings. That means everything you own: clothing, furniture, appliances, electronics, etc. Figuring out the value of some things can be more difficult than others, so if you’re unsure, seek assistance. There are online coverage calculators that can help you come up with an accurate figure. Depending on the insurance company you opt for, the minimum amount of renter’s insurance coverage is $10,000.

Consider the Average Amount of Renters Insurance Coverage

Suppose you’ve used the coverage calculator and are still unsure how much renter’s insurance is adequate for you. In that case, you might opt for the average, around $30,000 for personal property and $100,000 for liability. Liability would be helpful if someone tries to sue you after incurring an injury while on your rental property.  

So, if you’re ready to purchase a renters’ insurance policy, we at B & G Insurance are here to address all your concerns and provide you with a quote and dependable coverage if that’s what you desire. Our licensed insurance agents are not only friendly, but they’re also knowledgeable and eager to please you. We serve the Miami, FL area and are ready to take your call today.