How Much Personal Property Insurance Should I Have?

Vanessa2U

Vanessa2U

New Member
Right now my home is worth $192,000 (so says my insurance company).
I have $144,000 personal property insurance.
That seems like a lot to me. My home is 900 sq. ft.
I live a simple life. I tried to do a calculation of how much it would take to replace everything.
I came up with $20,000...LOL
Am I paying to much personal property insurance?
Thank you for any help!
 

Depends what you (and your insurer) mean by "personal property".

In my mind, personal property boils down to roughly this:
  • Jewelry
  • Musical instruments
  • Firearms
  • Furniture
  • Tools
  • Lawn & Garden equipment
Probably more things, but just off the top of my head, that's what I think of when we're talking "personal property".

Note that such a designation would NOT include cars or trucks. Those have their own insurance policies, at least for most people.

Run the numbers and see what you come up with. Lots of variables here -- what would it cost to REPLACE those things versus what you paid for it, etc. Gets pretty sticky, I think, but that's the whole insurance game -- keep it confusing to keep you ponying up money to pay for things they won't pay you when those things go bust.

Yeah, I'm not an insurance guy, nor do I play one on TV.
 
Personal property coverage (at least in Texas) is typically a percentage of the dwelling coverage. My personal property is insured for 75% of the insured amount on the dwelling, and your percentage is the same, based on your figures.

You may be able to lower your personal property coverage if you check with the agent, but if you lower your dwelling coverage, you may not receive full replacement cost in case of a loss.
 

Aunt Bea said:
I’ll be fine.

View attachment 418721
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Yes, you will be fine, should you choose to replace any loss or damage to your personal items yourself.

Renters insurance typically only covers your furniture, electronics, clothing, and other belongings inside the apartment if they are damaged by covered events like fire, theft, or water damage.

The landlord has their own insurance policy that covers the structure of the apartment, including the walls, floors, ceilings, and appliances that are part of the building.
 
Vanessa2U said:
Right now my home is worth $192,000 (so says my insurance company).
I have $144,000 personal property insurance.
That seems like a lot to me. My home is 900 sq. ft.
I live a simple life. I tried to do a calculation of how much it would take to replace everything.
I came up with $20,000...LOL
Am I paying to much personal property insurance?
Thank you for any help!
Click to expand...
If its a catastrophic loss you are insuring, then you need that coverage just to cover inflation.
 
renters insurance can also cover the costs of temporary housing .

if something happens to the apartment where you live and it suddenly isn’t habitable. you only are allowed to stop paying the rent .

you are on your own as far as temporary hotel costs without insurance

as far as personal property coverage , it depends .

as an example my wife and i have tens of thousands of dollars in photography gear .

i would never insure that thru my home insurance company .

that is a good way to get dropped or see huge increases .

we use membership to PPA to insure with so it has nothing to do with our insurance
 
mathjak107 said:
renters insurance can also cover the costs of temporary housing .

if something happens to the apartment where you live and it suddenly isn’t habitable. you only are allowed to stop paying the rent .

you are on your own as far as temporary hotel costs without insurance

as far as personal property coverage , it depends .

as an example my wife and i have tens of thousands of dollars in photography gear .

i would never insure that thru my home insurance company .

that is a good way to get dropped or see huge increases .

we use membership to PPA to insure with so it has nothing to do with our insurance
Click to expand...
Can you elaborate please?
 
Twostep said:
Can you elaborate please?
Click to expand...
as an example we live in a high rise .

the building nextdoor had a five alarm fire .

the tenants in it had to relocate for a few weeks ..

not only that but things were stolen from apartments , many claim it was the fire department.

so any costs for living elsewhere are on you .

you don’t have to pay rent while the apartment can’t be lived in but it can cost you way more staying in a motel or hotel and eating it out. it isn’t on the landlord to provide you with a temporary place to live .

renters insurance can cover those costs
 
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mathjak107 said:
as an example we live in a high rise .

the building nextdoor had a five alarm fire .

the tenants in it had to relocate for a few weeks ..

not only that but things were stolen from apartments , many claim it was the fire department.

so any costs for living elsewhere are on you .

you don’t have to pay rent while the apartment can’t be lived in but it can cost you way more staying in a motel or hotel and eating it out. it isn’t on the landlord to provide you with a temporary place to live .

renters insurance can cover those costs
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Thank you for the fluff. How do you insure high value items if not on or attached to your homeowners policy?
 
Renters insurance should also include liability in case something you do causes injury to another person.
Basically, cover losses that would result in a major hit to your quality of life. Small losses that don’t ruin your life plans and you can pay for yourself probably don’t need insurance. Making small claims will just result in higher rates, so do so very carefully. Choose the biggest deductible that will NOT seriously hurt your financial situation. That’s my opinion.
 
Vanessa2U said:
Right now my home is worth $192,000 (so says my insurance company).
I have $144,000 personal property insurance.
That seems like a lot to me. My home is 900 sq. ft.
I live a simple life. I tried to do a calculation of how much it would take to replace everything.
I came up with $20,000...LOL
Am I paying to much personal property insurance?
Thank you for any help!
Click to expand...
I'd suggest you find friends who have bought expensive items, copied the receipt and have pictures of said items.

Thay way, a fire destroys your entire house, you get a nice check (hopefully not with fraud charges) and a sweetner for possessions you didn't have.

(Note: this is joke...or is it?) 😅😅
 
Brookswood said:
Renters insurance should also include liability in case something you do causes injury to another person.
Basically, cover losses that would result in a major hit to your quality of life. Small losses that don’t ruin your life plans and you can pay for yourself probably don’t need insurance. Making small claims will just result in higher rates, so do so very carefully. Choose the biggest deductible that will NOT seriously hurt your financial situation. That’s my opinion.
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and my opinion too
 
keep in mind that here in america we all have what’s called a CLUE REPORT
Clue is the reporting agency for insurance.

every claim not reimbursed to your insurance company regardless of fault dings you insurance score.

insurers use that data to quote you.

not only that but properties can be flagged as problematic as well .

always have the owner run. their report when buying a resale house .

you can get banged for claims they had if the property is flagged .

you can get one free copy a year . you need to run home and auto separate.

make sure it’s correct as far as what it shows
 

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