Renter’s insurance policyholders pay $20 per month for about $20,000 of property coverage and $500,000 of liability coverage.
However, the specific amount of renter’s insurance you require should be determined by taking into account the factors listed below.
Calculate individual property estimation: Make a list of the things in each room of your rental, including their description, quantity, and estimated value.
Use this list to determine how much personal property insurance you need. Add the items to the inventory along with a copy of the receipt as you make new purchases.
You can do this on paper and then put the document in a safe or use inventory software to put it in the cloud.
Evaluate any potential risks: Consider the possibility of high repair, medical, and legal costs if you damage someone else’s property or person. Determine a rough estimate of these costs.
