It’s a great first step that you’re taking the time to determine how much minimum coverage you’ll need. To calculate how much home contents insurance you’ll need, start by making a personal inventory and add up the cost of all your belongings.
Contents insurance, also known as personal property coverage, protects your personal belongings from loss or damage due to covered perils.
To put together a personal inventory, you can go from room to room in your home and make note of all your important personal belongings: electronics, appliances, furniture, and so on. Include as much of the following as possible:
Serial/make/model numbers, if available
Having this information will also be extremely helpful if you need to file a claim. Once you’ve put together your comprehensive list, add up the cost of your belongings, and you should have a clearer idea of how much home contents insurance you should need.
If you have valuable items, like expensive jewelry, a family heirloom, or a piece of signed sports memorabilia, check with your insurer, as these items will often need additional coverage.
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