Once I have convinced renters that they definitely need insurance, the next question I am often asked is how much insurance do I need? I recommend that you take a quick inventory of your personal property, going from room to room, estimating what it would cost to replace those items at today’s pricing. The total would be how much renters insurance you should buy. Open those Closet Doors What usually comes to your mind right away is your furniture, electronics, and other big ticket items but don’t forget to look in your closet. Can you imagine how much it would cost to replace your entire wardrobe, shoes, coats, and accessories should there be a fire or other major loss? I’ve put together a quick inventory chart that you can use as a starting point to determine how much insurance to purchase. Personal Property Worksheet I hope this helps.