Do I Need Renters Insurance?

The cost of renters insurance and the amount of personal property coverage you need depends on how much your property is worth.

Remember, if you have ever asked yourself "Do I need renters insurance?" the answer is probably yes.

To better understand your renters insurance coverage 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?

Did you know?

Most people's belongings are worth more than they realize. And the average cost of renters insurance is quite affordable.

Based on State Farm® experience, the average person has over $35,000 worth of belongings that are probably not covered by a landlord's policy.

Find out how much renters insurance coverage you need.

Take an inventory of your possessions:

  1. List each item, when you acquired it and the purchase price or current value.
  2. Total the amounts of these items for a rough idea of what your property is worth.
  3. Once this is done, put your inventory in a safe place away from home -- for example, in a bank safe deposit box.
  4. Consider adding photos to your inventory -- they can help if you have a claim.

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, such as those listed below, may have a dollar limit in a Renter's policy:

  • Money, bank notes, coins (including collections)
  • Property used or intended to be used in business
  • Watercraft and equipment
  • Securities, cheques, traveler's cheques, gift cards, phone cards
  • Trailers (not used with watercraft)
  • Stamps, trading cards, comic books (including collections)
  • Home computers
  • Theft loss of:
  • Jewellery and furs
  • Firearms
  • Silverware and goldware
  • Rugs, tapestry, wall hangings

Antiques, fine arts, painting, statuary, and similar articles that cannot be replaced by new articles, and property not useful for its intended purpose, is limited to its market value. Higher limits on some of these items are available through optional coverages.

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.

This page contains only a general description of coverages and is not a contract. Details of coverage or limits may vary in some provinces. All coverages are subject to the terms, provisions, exclusions and conditions in the policy itself and in any endorsements.