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Couple Assembling FurnitureRenters insurance is an affordable way to protect your liability and personal property in a rented living space.

Determining how much renters insurance you need can be challenging. Many jurisdictions require specific levels of coverage.

Insurance companies usually ask you to value your personal property to decide on a renters insurance rate.

But, how do you value your personal property to get the best coverage and the best rates on your renters policy? Let's take a closer look.

What Property Should You Include in a Renters Insurance Valuation?


When valuing your personal property, you should think about all of your property.

If an item is expensive and hard to replace, renters insurance can be great for helping you replace it.

Always value items the following items on your renters insurance policy:
  • Electronics (including TVs, computers, tablets and cell phones)
  • Furniture (including rugs and carpets)
  • Jewelry
  • Irreplaceable items, such as heirlooms or collectibles
  • Medical supplies
  • Clothes
  • Appliances that you own separate from the landlord
  • China and silverware
You can often insure some of these items — such as jewelry, electronics, and collectibles — separately. Still, valuing them with your personal property can add an extra layer of coverage.

If you can replace an item cheaply, then leaving it off your declaration could save you money on your policy. You could consider leaving off items such as pots and pans, linens, and cheap china.

But always remember that keeping items off your policy will usually reduce your payout. If you have the slightest doubt about whether to value something, it is usually best to value it out of caution.

There is no set rule for what or how much personal property you should declare. You should always include your most expensive and irreplaceable items. You can choose to leave certain, less costly items off your policy. Some insurance companies also offer benchmarks of personal property coverage. If this is your case, you should choose a higher level rather than undervalue your property.

If you have questions about valuing your personal property on your renters insurance policy, call Guardian Insurance today at (855) 554-6482. You can also request a free renters insurance quote through our website.
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