How much personal property coverage do I get with renters insurance?

September 27, 2023

I own some high-priced photography equipment. How much personal property coverage does renters insurance provide?

You can get from around $10,000 to $250,000 worth of personal property coverage within your renter’s insurance. How much of it you really need depends on the total worth of your personal possessions, your risk tolerance, and your budget.

Price-wise, the average renter’s insurance policy costs around $15 per month for $30,000 in personal property coverage. The higher the coverage limit, the higher the premium.

It’s important to know that there are two types of renters insurance: 

  • Actual cash value – pays what the property was worth when a loss or damage occurred.
  • Replacement cost – pays the full amount of replacing the damaged item.

Replacement cost is around 10% more expensive, but it’s worth choosing to get more coverage.

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