How Much Renters Insurance Do I Need to Feel Fully Protected?

If you are preparing to move into a new apartment, you will need to provide proof of renters’ insurance. This is especially true if HILLS Properties manages your apartment. But how much renters’ insurance do you really need?

Let’s go over the basics. This will help you choose the right amount of renters’ insurance liability coverage. You can protect yourself from unexpected costs.

What Is Renters Insurance, and Why Do You Need It?

Renters’ insurance is a policy designed to protect tenants from financial loss due to theft, fire, water damage, and certain types of personal liability. Unlike homeowners insurance, it doesn’t cover the building itself—just your personal belongings and liability.

HILLS Properties, like many modern apartment communities, requires renters insurance as part of their lease agreements. This not only helps tenants protect their belongings but also provides them with a layer of personal liability protection, which can be crucial if someone is injured in their home.

Personal Liability Coverage—What’s Enough?

Begin by considering personal liability coverage when determining the amount of renters’ insurance you need. If someone is hurt while renting from you or if you inadvertently damage someone else’s property (for example, by starting a kitchen fire that spreads to another apartment), this section of the policy takes effect.
Although liability limits normally fall between $100,000 and $300,000, you may consider a higher limit to protect yourself if you have a dog, live in a posh neighborhood like Altair or Rialto Hurstbourne, or host a lot of guests. For instance, the higher potential liability risk, the more valuable property, and increased foot traffic, a tenant in a luxury apartment complex in the heart of the city, such as Meridian on Shelbyville, might want to increase coverage.

Coverage for Your Belongings

The second major part of your policy is coverage for your personal property. Think about everything you own—from furniture and electronics to clothes and kitchenware. If a fire or break-in occurs, insurance helps you replace these items.

Start by creating a quick inventory of your belongings. Most people underestimate their total value, but the average renter has $20,000 to $30,000 worth of items. Some renters choose to cover more, especially in larger units or upscale properties.

How Much Should I Pay for Renters’ Insurance?

So, what is the appropriate amount of insurance? Here is a broad overview:

• Your community will have a specific minimum that you will need to have in liability coverage
• Personal property should be enough to cover the full replacement value of your belongings.
• You should also make sure your policy includes temporary living expenses if your apartment becomes uninhabitable due to damage.

Is Tenant Liability Insurance Different?

You might hear the term “tenant liability insurance” used interchangeably with “renters insurance.” While some landlords use that language to emphasize the liability portion, a full renters policy includes coverage for personal belongings and temporary housing, not just damages to the unit.

In many communities, such as those under HILLS Properties, proof of insurance with liability coverage is a mandatory requirement for move-in. It’s smart to confirm with your leasing agent what the minimum required liability limit is—often $100,000 or more.

Insurance Provides Peace of Mind for a Small Price

With premiums averaging between $15 and $25 per month, renters’ insurance is one of the most affordable ways to protect your finances. Whether you’re renting a one-bedroom apartment at Shadow Ridge or a two-bedroom at Kendal on Taylorsville, you can tailor a policy to your needs and lifestyle.

In short, the answer to “How much renters insurance do I need?” It depends on your personal situation, but most tenants will feel comfortable with a standard policy offering $100,000–$300,000 in liability coverage and $20,000–$50,000 in personal property coverage.

Learn More About Your Insurance Options When You Rent With HILLS Properties

Insurance is a key step in planning for your new apartment home. When you’re exploring apartment communities from HILLS Properties, any of our leasing office teams will be happy to connect with you and go over our options and recommendations for renters’ insurance. Seach our available communities in Ohio, Indiana, or Kentucky. Get in touch with us today and enjoy peace of mind for your new apartment home.