How much renters insurance do I need?

While renters insurance isn’t required in any state, it can be required by some landlords or rental offices as part of your lease. Landlords or rental companies can also require a certain threshold of coverage for your policy, so be sure to check your rental agreement. Your policy’s personal property coverage limit on your renters policy should be enough to cover all of your belongings, and your liability coverage should be set high enough to protect your assets.

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How much renters insurance should I have?

Some landlords may just require proof of coverage, while others may require a certain amount of coverage. Some might not require coverage at all. Look at your rental agreement to determine if and how much renters insurance your landlord or rental office requires. A typical renters policy will include personal property and liability, as well as medical payments and loss of use coverage.

How much personal property coverage do you need?

When was the last time you got a real good look at everything you own? If you just moved into your apartment, you likely have a good idea how much stuff you have. But still, you probably have more stuff than you think. According to the LA Times, in 2014 the average American had about 300,000 individual things in their homes… and that was before we all took up hobbies during the pandemic.

Personal property coverage limits typically range between $10,000 and $500,000. Completing a home inventory can quickly help you select your personal property coverage limit by determining roughly how much your stuff is worth. According to the Insurance Information Institute, "47 percent of homeowners said they prepared an inventory of their possessions to help document losses for their insurers."

How much renters liability coverage do I need?

Renters insurance companies typically offer three options for renters liability coverage: $100,000, $300,000, and $500,000. Choose the limit that best protects your net worth. You can figure out your net worth by adding up all of your assets, such as checking, savings, and retirement accounts, and subtracting your debt.

How much loss of use coverage do I need?

Your loss of use coverage limit is not typically something you can customize. Depending on your insurer, your coverage amount may be a set amount between $3,000 and $5,000 or a percentage of your personal property coverage limit. Loss of use coverage on Progressive’s renters insurance policies may cover up to 40% of your personal property limit.

Pro tip:

You may be able to bundle your renters and auto insurance and save. Learn more about bundling insurance at Progressive.

More tips to help determine what coverage is best for you

  • Protect your pets: Renters coverage can also extend to your furry friends. In the event your pet injures or damages someone else's property, a renters policy can protect your finances and ensure your furry friends receive the help they need.
  • Adjust your deductible: Consider what a higher or lower deductible would cost against your premium. Sometimes a higher deductible can mean lower monthly payments, making more coverage a bit more affordable. The average cost of renters insurance through Progressive ranges from $15 to $21 per month, depending on your state, according to 2023 data from Progressive Home.
  • Cover high-value items: If you need additional coverage for items that are special, one-of-a-kind, or more than your coverage limit, you may want to schedule a rider. This can include valuable jewelry, custom equipment, and more.

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