How to Calculate How Much Contents Coverage You Need
Written by Stephen Dyck
When you’re renting a home, it’s important to protect your belongings, your safety, and your financial well-being. But figuring out how much tenant insurance coverage you actually need can feel a little overwhelming.
We’ve put together a quick and simple guide to help you estimate the right amount of coverage for your situation. Whether you’re renting your first apartment or upgrading your space, here’s how to get a clearer picture of your insurance needs.
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Why Coverage Amounts Matter
Tenant insurance typically includes three main types of coverage:
Contents coverage: Protects your personal belongings against theft, fire, water damage, and more.
Liability coverage: Covers you if someone is injured in your home or if you accidentally damage someone else’s property.
Additional living expenses: Helps pay for temporary housing and essentials if you can’t live in your apartment due to an insured event.
Estimate Your Tenant Insurance Coverage in 3 Simple Steps
Use this step-by-step guide to help estimate how much coverage is right for you.
Step 1: Estimate the Value of Your Belongings (Contents Coverage)
Start by taking inventory of what you own. Walk through each room and list big-ticket items and their estimated value. If you’re not sure, use the ranges below as a guideline:
Room | Common Items | Estimated Value |
|---|---|---|
Living Room | TV, couch, coffee table, electronics | $3,000–$5,000 |
Kitchen | Small appliances, cookware, table/chairs | $1,000–$2,500 |
Bedroom | Bed, dresser, clothing, jewelry | $3,000–$7,000 |
Bathroom | Hair dryer, toiletries, towels | $500–$1,000 |
Other (e.g. laptop, bike, books, decor) | $1,000–$3,000 |
Most tenants need $20,000 to $40,000 in contents coverage. If you have high-value electronics, furniture, or collections, you may need more.
Step 2: Think About Liability Protection
Liability coverage protects you if:
A guest slips and falls in your home
Your dog bites someone
You accidentally cause a fire or flood that affects a neighbour
Recommended minimum: $1 million. Go for $2 million if you want more peace of mind or live in a multi-unit building with higher risk exposure.
Step 3: Plan for Additional Living Expenses
This coverage helps cover the cost of hotel stays, meals, or a temporary rental if your home becomes unliveable due to a covered loss.
A good rule of thumb is to choose 20–30% of your contents coverage. For example:
$30,000 in contents = $6,000–$9,000 in living expenses
Sample Estimate
Coverage Type | Suggested Amount |
|---|---|
Contents Coverage | $30,000 |
Liability Coverage | $2 million |
Additional Living Expenses | $7,500 |
APOLLO offers effortless tenant insurance designed to protect renters across Canada. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.
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Originally published January 30, 2023, updated May 28, 2025
Back to APOLLO MagazineAbout the author
Stephen Dyck, SEO Specialist and Content Writer
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