Think of everything you own. The value of your belongings can quickly add up. How much would it take to replace them if they were damaged or destroyed?

When purchasing a renters insurance policy, you may have a few different choices when it comes to selecting personal property coverage. Here are a few things to keep in mind:

You'll want to set coverage limits that are appropriate for your situation. Creating an inventory of the belongings you store in your apartment or home may help you assess the value of your things so you can decide how much personal property coverage is right for you.
You may also have to decide what kind of personal property coverage to purchase. A policy that provides actual cash value protection typically covers belongings up to their current market value (taking depreciation into account). A policy that includes replacement cost coverage may help you pay to replace your items at today's retail prices after a covered loss.