Renters Insurance Calculator
Personal property value + liability coverage you need as a renter.
Estimated annual renters insurance
$181
Renters insurance is cheap ($150-$300/yr typical). Always replacement-cost, not actual-cash-value.
What your contents coverage is based on — the total value to insure.
Renters insurance is one of the best values in insurance — often $15–$25 a month to protect everything you own and shield you from liability. The trick is sizing it right: too little and a fire or theft leaves you short; too much and you overpay. This calculator estimates the coverage you need.
It sizes the two main parts: personal property (the cost to replace your belongings) and liability (protection if someone is injured in your unit or you accidentally cause damage).
How this calculator works
The calculator estimates personal property coverage by walking through the value of your belongings — furniture, electronics, clothing, and kitchen items add up faster than people expect. It then recommends a liability limit (commonly $100k–$300k) and notes loss-of-use coverage, which pays for temporary housing if your unit becomes unlivable.
Assumptions and data behind the estimate
Personal-property coverage is built from the room-by-room replacement value you enter, then paired with a typical liability limit ($100k–$300k) and a note on loss-of-use coverage, following Insurance Information Institute guidance. Choosing replacement cost vs. actual cash value materially changes payouts. The tool sizes coverage; the actual premium (commonly $15–$25/month) depends on location, deductible, and insurer.
What affects the number
- Total replacement value of your belongings (inventory each room — it adds up)
- Whether you choose replacement cost (new) or actual cash value (depreciated)
- Liability limit — $100k–$300k is typical
- High-value items (jewelry, cameras, bikes) that may need a rider
- Deductible, and loss-of-use coverage for temporary housing
Frequently asked questions
How much renters insurance do I need?
Enough personal property coverage to replace everything you own — usually $20k–$50k for most renters — plus $100k–$300k of liability. Inventory your belongings room by room; the total is higher than most people guess.
Is renters insurance worth it?
Almost always. For $15–$25/month it replaces your belongings after fire, theft, or water damage, covers liability, and pays for temporary housing. A single major loss costs far more than years of premiums.
Does renters insurance cover my roommate?
No — a policy covers the named renter (and usually family). Roommates need their own policies. Each person’s belongings and liability should be covered separately.
Replacement cost or actual cash value for renters?
Choose replacement cost. It pays to replace items new, while actual cash value subtracts depreciation — meaning a 5-year-old laptop pays out very little. The premium difference is small.
Sources and references
- Insurance Information Institute — renters insurance
- National Association of Insurance Commissioners — consumer resources
This calculator provides general estimates for educational purposes only and is not insurance advice or a quote. Your actual rates and coverage needs depend on your specific situation and insurer.