Renters insurance inventory: what you own and how much to cover

Your landlord’s insurance doesn’t cover your things

A common assumption is that the building’s insurance covers everything inside it. It does not. The National Association of Insurance Commissioners (NAIC) says a landlord’s or property manager’s policy does not cover your personal belongings, and the Insurance Information Institute notes that it covers the building only. It will not replace your furniture or laptop, or pay for a hotel while your apartment is repaired.

That is what renters insurance is for. Many renters still go without it: an Insurance Information Institute poll reported in 2018 found that 41% of renters had renters insurance, compared with 95% of homeowners with homeowners insurance.

What renters insurance covers

A typical renters policy has a few parts. The one this guide is about is personal property, sometimes called contents coverage. The others matter too, so it helps to know what you are buying.

• Personal property: your belongings, against listed causes such as fire, smoke, theft, vandalism, windstorm and some water damage
• Liability: claims if you accidentally injure someone or damage their property
• Medical payments: small amounts for guests injured in your home
• Additional living expenses: the extra cost of living elsewhere after a covered loss
• Off-premises coverage: belongings stolen from your car or damaged while traveling, usually with a lower limit

Most renters underestimate what they own

Belongings are bought a few at a time over years, so the total is easy to miss. In a State Farm survey of more than 500 renters, reported by Insurance Journal in 2014, over half believed their belongings were worth less than $10,000, and most of those without insurance underestimated the value of their property. In 2012, Allstate put the average renter’s possessions at about $30,000.

The gap usually comes from things nobody thinks of as valuable on their own: clothing, shoes, kitchenware, bedding, books, and small electronics with their chargers and accessories. Counting them is often what changes the total.

How to pick a personal property coverage amount

The Insurance Information Institute’s advice is to add up the value of everything you own, including furniture, clothing, electronics, appliances and linens, and choose coverage that would replace it all if your home were destroyed. An inventory is the most reliable way to get that number.

1. List what you own, room by room

   Bedrooms and closets, kitchen, living area, bathroom and any storage space.

2. Estimate replacement cost

   What would a similar new item cost today? Use current retailer prices, not what you paid years ago.

3. Add it up and round up

   Total the list, then add a margin for small things you missed.

4. Choose replacement cost or actual cash value

   Actual cash value deducts depreciation; replacement cost pays for a new equivalent. The Insurance Information Institute says replacement cost typically costs about 10% more.

5. Check the special limits

   Standard policies often cap categories like jewelry, and off-premises coverage may be a percentage of your limit. Ask about a floater or endorsement for valuables.

6. Review it each year

   Check the total at renewal and after big purchases, a move or a new roommate.

What to record in a renters inventory

You do not need a perfect record of every sock. Focus on what would be expensive or hard to replace, and group the rest with a count and an estimated total.

• Item name, brand and model
• Room or storage spot
• Quantity, for sets and clothing
• Purchase date and price, or your best estimate
• Replacement cost today
• Serial numbers for electronics, appliances and bikes
• A photo of the item, and a close-up of the serial label
• Receipts, order confirmations and appraisals you already have

Tips for apartments and shared rentals

Renting comes with a few situations homeowners rarely face. Keep them in mind as you build the list.

• Roommates: a policy generally covers the people named on it, so check whether a roommate needs their own policy, and record whose items are whose
• Furnished rentals: the landlord’s furniture is not yours to insure, so leave it off your list but note it at move-in
• Storage units and bike rooms: note what you keep there, and check how your policy treats off-premises items
• Valuables: list jewelry, watches, instruments and cameras individually, with photos and any appraisals
• Work equipment: a laptop owned by your employer usually belongs on their insurance, not yours

Moving in and moving out

A move is the easiest time to build an inventory, because every item passes through your hands. Record items as you pack or unpack, and update your policy address before moving day so coverage follows you.

Moving is also when it pays to photograph the rental itself. On move-in day, take dated photos of each room, appliances, floors and walls, and any existing damage, and keep a copy of the landlord’s move-in checklist. Do the same on move-out day after cleaning. Kept together, these photos help answer questions about the security deposit.

1. Before you move

   Update your renters policy for the new address and check whether belongings in transit or in a moving truck are covered.

2. On move-in day

   Photograph each room and any existing damage, and add new furniture and appliances to your inventory.

3. During the tenancy

   Add significant purchases while the receipt is at hand.

4. On move-out day

   Photograph the cleaned unit, then use your inventory as a packing checklist.

How Allventory helps renters keep an inventory

Allventory is a home inventory app for Android and the web, including Safari on iPhone. It keeps your inventory in the cloud, so it moves with you rather than staying in the apartment.

1. A whole shelf from one photo

   Photograph a closet shelf or kitchen cupboard and Allventory suggests separate items with names, categories, quantities and estimated values. You review each suggestion before saving. Estimates are AI suggestions, not appraisals.

2. A running total

   The inventory shows how many belongings you have recorded and their estimated value, which is a useful starting point when you choose a coverage amount.

3. Rooms and storage spots

   Set up your rental’s rooms and storage spots, such as Bedroom / Closet or Storage unit / Shelf 2, and filter by any of them.

4. Receipts and serial numbers

   Attach receipts and photos to each item, scan a serial number from a photo of the label, and filter for items still missing a receipt.

5. Roommates on paid plans

   Invite a roommate as a contributor who can add and edit items, or as a viewer, and use tags to mark whose things are whose.

6. Exports when you need them

   Export to CSV on every plan, including the free 30-day trial. Paid plans add Excel and insurance supporting documents with photos and receipts grouped by location. Whether an insurer accepts a format is up to them.