It’s important to know that your landlord’s home insurance policy will not cover your belongings if they’re damaged or destroyed. For that kind of protection, you will need renters insurance, which often includes personal property coverage. As far as how much coverage you need, you’ll have to add up the value of your belongings (and potentially work with a professional appraiser) to determine the total value of these items. The good news is that renters insurance is fairly inexpensive: the national average cost for a policy with $40,000 in personal property coverage, a $1,000 deductible and $100,000 of liability protection is $326 annually, or about $27 a month.