How Much Renters insurance Coverage Do You Need? | Shelter Insurance®

How Much Renters Insurance Coverage Do You Need?


What would you do if something happened to your personal belongings? Imagine your couch, TV, gaming system, laptop, clothes…everything gone, as result of a fire or burglary. Could you afford to buy it all back again? What if a guest is hurt while visiting? Can you afford the cost of a liability lawsuit? That's where a renters insurance policy can come in handy. Our renters insurance is designed to help you cover your stuff and your liability risks.

Many renters ignore these risks and look to their landlords for help in these situations. Most of the time, renters are not covered by the landlord's insurance policy. In general, it's actually the tenant's responsibility to obtain the correct coverage.   

Here's how you can get started:

  1. Calculate the value of your belongings. Choosing the appropriate amount of coverage is important. Figure out how much money it would take to replace your personal items before you get a renters' insurance quote. This information will also come in handy if your possessions are damaged or stolen. One of the best ways to do this is to take inventory of your personal property. The National Association of Insurance Commissioners (NAIC) reports that over 56% of people in the United States don't keep an inventory of their homes. They also state that the 2011's serve weather disasters did more than $43 billion in damage.  So take an inventory of your home by making a video recording of the contents in your apartment or by using our personal property calculator to itemize and estimate the total value of your belongings. NAIC also offers a free app for Android and iPhone users that allows you to take pictures and add descriptions. 
  2. Get a renters insurance quote. Contact your local agent or complete a quote right here on our site. If you purchase a renters and auto policy through us, you'll qualify for a discount.
  3. Find a reliable, secure place to save your inventory list/video outside of your home. Storing your inventory list, video, or pictures electronically is a good option if you have a secure location. Consider online storage so you can access them at any time, or think about renting a safety deposit box. 
  4. Keep your list and coverage amount up-to-date. As you purchase new things to fill your place, you'll want to increase your personal property value, so keep track of your purchases and save receipts. If you've accumulated more than $5,000 in additional items, take a look at increasing your insurance coverage.

You can increase your renters coverage at anytime. You don't have to wait until it's time to renew your policy. Talk to your local Shelter agent or call 1-800-SHELTER.