How much renters insurance do I need?

Many landlords require having some renters insurance coverage, but how much do you really need? Before we help answer that, consider the source you’re consulting here. In case you weren’t aware, we are an insurance company — a renters insurance company, as a matter of fact. So if you ask us how much renters insurance you really need, our answer should be, “All of it! You need all of the renters insurance! Just sign here on the dotted line, sir or madam!” But that’s not the right answer.

Answering “how much renters insurance do I need?” depends on several factors, all of which are interrelated. In short, it’s a tough question to answer. So the first thing we did was build our renters insurance a little differently. You can sum up the difference with our name: Toggle®.

With Toggle insurance, you can choose as much or as little insurance as you want and you can always adjust that amount from month to month. Want more? Just Toggle OnSM to add coverage. Sales pitch complete. But back to the point.

The two primary areas of coverage you want to consider are 1) personal property and 2) personal liability/medical.

How much personal property coverage?
Renters insurance personal property protection protects your things (whoa, that was a lot of “p’s” in a row) — like computers, bikes, phone, furniture — almost anything of any value that you own. If that thing is stolen, broken, lost or damaged in a fire or flood, personal property protection can cover replacement costs so you can get whole again. A renters insurance policy can cover anywhere from about $1,000 to $20,000 in personal property. Obviously, the more coverage, the higher the premium you pay each month.

So how much stuff do you actually have? How much stuff do you need? How much would it all cost to replace? To find out, take an inventory.

  • Go room by room and make a list of everything. Take pictures of the items or a video of the whole room — anything to give you a permanent record of the things that room contains.
  • Mark down the years you purchased each item and about how much you paid. Estimates are fine, or you can search for the items online for a more accurate number.
  • Total all the value, and that’s about how much personal property coverage you need.
  • Oh, and this is important: Don’t forget to keep track of new purchases and to adjust your coverage when you need more.

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Photo by bruce mars on Unsplash

How much liability coverage?
Renters insurance liability coverage protects you from legal damages that might come about from a covered accident that causes bodily injury or property damage to those that are covered — mostly medical bills, legal fees, and loss of earnings.

Renters insurance will usually cover between $100K and $300K in liability. So how much do you really need?

First thing to keep in mind: No matter how much coverage you choose, renters insurance is cheap. When you start to discuss numbers like “$100K to $500K in coverage,” it can seem like you’re swimming over your head. You’re not. Most of the time, big differences in coverage equate to relatively small differences in premium. So relax and don’t overthink it.

Of course, if you ever want to get more dialed in with the specifics, just visit and get a quote. It only takes a few minutes, and your adulting self will be extremely happy you took the time.

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