- Recommended contents cover
- $30,000
- Loss of use (20%)
- $6,000
- Liability limit chosen
- $300,000
- Estimated monthly premium
- $20.96
- Estimated replacement of everything new
- $30,000
Your most valuable single item ($2,000) likely exceeds the standard per-category limit in most policies. Ask for a scheduled personal property endorsement so it is covered in full.
What the estimate covers
Contents cover should match the replacement value of everything you own, which almost everyone underestimates until they list it room by room. Premium scales roughly linearly with that figure, at around $0.55 per $100 of cover per year for a replacement-cost policy, plus a small flat loading for liability.
Replacement cost versus actual cash value
Replacement cost pays what a new equivalent item costs today. Actual cash value subtracts depreciation, so a five-year-old television might settle for a fraction of replacement. The premium difference is usually small and the settlement difference is large.
High-value items
Most policies cap single categories such as jewellery, electronics or bikes at $1,000–$2,500. Anything worth more needs a scheduled personal property endorsement, which is inexpensive and settles without the standard deductible.
Frequently asked questions
Does my landlord's policy cover my stuff?
No. The landlord's policy covers the building and their liability. Your belongings are your responsibility, which is why renters cover exists.
Is renters insurance worth it for a small amount of stuff?
Usually yes, because the liability and loss-of-use parts are valuable even with modest contents. A policy at $30,000 of cover typically costs less than a takeaway coffee each week.
What does loss of use cover do?
It pays hotel bills, meals and extra living costs if a covered loss makes the rental uninhabitable — often the difference between an inconvenience and a crisis.