{"id":549,"date":"2016-04-13T22:50:23","date_gmt":"2016-04-13T22:50:23","guid":{"rendered":"https:\/\/www.freeway.com\/knowledge-center\/?p=549"},"modified":"2025-01-20T14:43:20","modified_gmt":"2025-01-20T14:43:20","slug":"how-do-i-know-if-i-have-enough-renters-insurance","status":"publish","type":"post","link":"https:\/\/www.freeway.com\/knowledge-center\/renters-insurance\/understanding-renters-insurance\/how-do-i-know-if-i-have-enough-renters-insurance\/","title":{"rendered":"How Do I Know If I Have Enough Renters Insurance?"},"content":{"rendered":"

Many people these days have opted to rent their residence rather than purchase a home. Some look at the burden of maintenance and upkeep, while others prefer to not deal with the additional expense of high property taxes, gardeners, and other incidentals that can eat away at their budget.<\/p>\n

Whether you rent or own your home, the contents and belongings that fill it are of some value and need to be protected from loss due to fire, theft, or other disasters \u2013 as well as covering you from personal liability should a friend or stranger be injured while inside your residence. Unfortunately, bad things can happen.<\/p>\n

Renters Insurance is Required in Some States<\/h2>\n

Maybe you don\u2019t put much value on your furnishings, electronics or clothes, but keep in mind that certain states, such as Texas, require that you purchase renters insurance<\/a> in order to rent an apartment. Like it or not \u2013 this is for your protection and your landlord\u2019s.<\/p>\n

If you aren\u2019t required to have insurance, assuming that renters insurance<\/a> is something you don\u2019t need and would probably never use, is being unrealistic. In fact, the term \u201crenters insurance\u201d encompasses more than a policy that reimburses you in the event of your physical possessions being lost, damaged, destroyed, or stolen within your apartment.<\/p>\n

What is Content Insurance?<\/h2>\n

\u201cContent insurance\u201d, which is typically included in a renters policy, covers items that you keep in your vehicle. So, if your vehicle is burglarized during the night while it\u2019s parked out front of your apartment, you may be reimbursed for any covered items stolen from it \u2013 minus your set deductible.<\/p>\n

In addition, renters insurance can also protect you from liability issues should a guest or door-to-door solicitor trip on your \u201cwelcome\u201d mat and sustain an injury. Your renters insurance policy\u2019s liability coverage could cover the cost of a potential lawsuit and\/or the injured party\u2019s medical bills.<\/p>\n

How Much Renters Insurance is Enough?<\/h2>\n

But, how do you know if you have enough renters insurance? Sometimes it can be difficult to determine how much is sufficient. That\u2019s why it\u2019s important to follow a few guidelines to figure out how much you really need.<\/p>\n

    \n
  1. Keep track of covered items<\/strong><\/li>\n<\/ol>\n

    It\u2019s your stuff and your responsibility to keep track of what you own so that, in the event of a theft or other covered incident, you can itemize what needs to be replaced. Provide your insurer with a rough financial accounting of the contents of your apartment so he or she can more accurately judge how much coverage you\u2019ll need.<\/p>\n

    Maintain a detailed review for your own records, including photographs and purchase receipts that can be stored in a safe place \u2013 away from your residence.<\/p>\n

      \n
    1. Content insurance vs. liability insurance<\/strong><\/li>\n<\/ol>\n

      While it\u2019s a good idea to carry content insurance and liability insurance since your insurer will generally sell them both as part of a comprehensive package, some renters may pass on one or the other. But, this makes little sense when you consider the average cost of a \u201ctypical\u201d renters insurance policy. The Independent Insurance Agents & Brokers of America defines a typical policy as $30,000 of property\/contents coverage and $100,000 of liability coverage, costing about $145 per year.<\/p>\n

      Of course, annual rates may be slightly more expensive in higher crime areas or in places where catastrophic weather events, such as tornadoes, hurricanes or devastating brush and forest fires are prone to occur more frequently. Still, paying a little more seems like a bargain to protect $20,000 to $30,000 worth of your stuff.<\/p>\n

        \n
      1. Do you own expensive jewelry or collections?<\/strong><\/li>\n<\/ol>\n

        Another consideration to how much renters insurance is enough is whether you own expensive jewelry, paintings, or other valuable items, such as antiques.<\/p>\n

        Because the \u201caverage\u201d renters policy has caps on how much you can be reimbursed should these items be stolen, damaged or destroyed, you should consult your insurer to purchase a \u201crider\u201d or special endorsement on top of your standard policy. Note: You\u2019ll be expected to provide proof the items actually exist with photos and receipts prior to the policy being issued.<\/p>\n

        The additional protection will assure you of getting closer to replacement value of your precious possessions \u2013 minus any applicable deductibles associated with the \u201crider\u201d policy.<\/p>\n

        In the end, once you take everything into account, renters insurance seems like a no-brainer. Deciding how much you actually need depends on how much stuff of value you own, how much liability coverage you choose, where you live, and how much your landlord will require before you sign the lease.<\/p>\n

        Renters insurance is more affordable than you think, especially when you purchase it from Freeway Insurance. Request a free renters insurance quote<\/a> online or over the phone at (800) 777-5620<\/strong> and an experienced insurance agent will guide you through the process of purchasing a renters insurance policy.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

        Many people these days have opted to rent their residence rather than purchase a home. Some look at the burden of maintenance and upkeep, while others prefer to not deal with the additional expense of high property taxes, gardeners, and other incidentals that can eat away at their budget. Whether you rent or own your […]<\/p>\n","protected":false},"author":1002628,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[70],"tags":[113],"importance":[],"type-content":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/549"}],"collection":[{"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/users\/1002628"}],"replies":[{"embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/comments?post=549"}],"version-history":[{"count":4,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/549\/revisions"}],"predecessor-version":[{"id":1194,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/549\/revisions\/1194"}],"wp:attachment":[{"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/media?parent=549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/categories?post=549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/tags?post=549"},{"taxonomy":"importance","embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/importance?post=549"},{"taxonomy":"type-content","embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/type-content?post=549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}