Add up everything you own room-by-room to find out how much personal property coverage you actually need.
Most people underestimate their belongings by 50% or more. The average American household owns $60,000-$100,000 worth of personal property. If you've been carrying a renters insurance policy with $20,000 in personal property coverage, you may be significantly underinsured.
We recommend replacement cost coverage rather than actual cash value (ACV). Replacement cost pays what it costs to buy new items, while ACV depreciates — a 5-year-old laptop worth $1,500 new might only pay $400 under ACV.
Note that most policies have sub-limits on high-value items: jewelry is often capped at $1,500, electronics at $5,000, and collectibles at $2,500. If you own items above these limits, you'll need a scheduled personal property endorsement (floater) for full coverage.
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