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Renters Insurance Calculator

Add up your belongings and work out how much personal property, loss-of-use and liability coverage to buy in a renters policy.

How the renters insurance calculator works

Your landlord’s insurance covers the building, not your things or your liability. A renters policy pays to replace your belongings after a fire or theft, pays extra living costs if you have to move out, and protects you if someone is hurt in your home. Most people underestimate what their belongings would cost to replace.

Formula

Personal property = Total replacement cost of belongings, rounded up. Loss of use = (Temporary housing + Extra costs) × Months displaced. Liability = an amount above what you have to protect.

How to use it

  1. List your belongings by category or room at what they would cost to buy new.
  2. Estimate temporary housing and extra costs if you had to move out.
  3. Enter the savings you want to protect from a lawsuit.
  4. Use the suggested limits when comparing quotes.

Worked example

Belongings totalling $19,000 round up to $20,000 of personal property coverage. Temporary housing at $2,200 a month plus $400 of extra costs for 3 months is $7,800 of loss of use. With $40,000 of savings, $100,000 of liability is the minimum suggestion.

Frequently asked questions

Is renters insurance required?

Not by law, but many landlords require it in the lease, often with a minimum liability amount.

What is the difference between replacement cost and actual cash value?

Replacement cost pays what it costs to buy the item new. Actual cash value subtracts depreciation, so a five-year-old laptop might be worth very little. Replacement cost is usually worth the small extra premium.

Does renters insurance cover my roommate?

Usually not unless they are named on the policy. Each roommate typically needs their own.

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