Deciding how much insurance coverage you need for your personal property will come down to how much your belongings are worth. The process of evaluating your possessions will be entirely up to you because, of course, your insurance agent won’t be able to tell you the value of what you own.
As this is a task that can take some time, it may be a good idea to take stock of your personal belongings before you begin your renter’s insurance application. That way, when you sit down to fill out your forms, you won’t have to stop part-way through.
An effective way to determine the value of your personal property is to start with an inventory list of all the items you’d like replaced if anything were to happen to them. From there, calculate the value of each of your belongings, and tally up your total. This number represents how much personal property coverage you need.