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The amount of personal property coverage you need depends on how much your property is worth.
To better understand your needs, ask yourself:
- How much are my belongings worth?
- Could I afford to buy it all back again if it were destroyed in a fire or stolen?
- What would I do in the event of a liability lawsuit against me?
Find out how much renters insurance coverage you need.Take an inventory of your possessions:
- List each item, when you acquired it and the purchase price or current value.
- Total the amounts of these items for a rough idea of what your property is worth.
- Once this is done, put your inventory in a safe place away from home -- for example, in a bank safe deposit box.
- Consider adding photos to your inventory -- they can help if you have a claim.
For help with an in-depth home inventory, visit the Creating a Home Inventory page. You can also use our contents calculator to determine the amount of personal property coverage you need. This service is part of our online renter's insurance rate quote.
Coverage for certain types of property has a dollar limit. Here is a typical list of the types of property that may have "special limits" in a renters policy:
- Money, bank notes, coins
- Business property (on and off premises)
- Securities, negotiable instruments
- Watercraft, including trailers, furnishings and equipment
- Trailers (other than boat trailers)
- Jewellery and furs
- Firearms (limitation applies to theft only)
- Silverware and goldware (limitation applies to theft only)
It is advisable to keep receipts from major purchases.
If you have this type of property, you may need special coverage -- additional coverage or a specific policy. Ask a State Farm agent about these items.