Home & Renters Insurance Calculator
Find out how much dwelling, personal property, and liability coverage you actually need, whether you own or rent. Works in any currency: just enter your numbers.
Calculate Your Coverage
Choose whether you own or rent, then fill in what applies to you.
Homeowners vs. Renters Insurance: What's Different
A homeowners policy and a renters policy protect different things. If you own your home, your policy needs to cover the structure itself, plus your belongings, plus your liability. If you rent, your landlord's policy already covers the building. Your own policy only needs to cover your belongings and your liability.
That's why this calculator hides the "cost to rebuild" field when you select "I rent": it genuinely doesn't apply to you, and paying for it would be a waste of money.
How This Calculator Works
Dwelling coverage
This should match the cost to rebuild your home, not its market value. The two numbers can be very different. A home's market value includes the price of the land it sits on, which doesn't burn down or get damaged. Insurers care only about the cost of labor and materials to rebuild the structure.
Personal property coverage
This covers everything inside your home: furniture, electronics, clothes, kitchenware, and so on. A simple way to estimate it is to walk through your home room by room and add up what it would cost to replace everything at today's prices.
Liability coverage
This protects you if someone is injured on your property, or if you accidentally damage someone else's property, and they sue you. A common rule is to carry liability coverage at least equal to your total assets: savings, investments, and property. That way, a lawsuit can't take more than your policy already covers.
A Quick Example
Say a homeowner's house would cost $280,000 to rebuild. They estimate their belongings are worth $40,000, and they have $150,000 in savings and investments they want to protect.
- Dwelling coverage: $280,000
- Personal property coverage: $40,000
- Liability coverage: $150,000 (matching their assets, with a sensible minimum applied)
A renter with the same $40,000 in belongings and $150,000 in assets would see the same personal property and liability numbers, but no dwelling coverage at all, since that's the landlord's responsibility.
Common Mistakes People Make
- Insuring the home's market value instead of rebuild cost. This usually leads to over-insuring, since land value is included in market price but not in rebuild cost.
- Guessing belongings are worth less than they are. Most people underestimate this until they actually add it up room by room.
- Skipping renters insurance entirely. Many renters assume their landlord's policy covers their belongings. It doesn't; it only covers the building itself.
- Choosing the state or country minimum for liability. Minimums are often far below what it would take to protect your actual savings and assets.
- Forgetting high-value items. Jewelry, art, and collectibles often need a separate rider, since standard policies cap coverage on these categories.
Frequently Asked Questions
Yes. The math is currency-neutral. Just enter your numbers in your own currency and the result will be in the same unit. Local minimum liability requirements vary by country, so check what applies where you live.
A rough method is local construction cost per square foot multiplied by your home's size. Many insurers can also run this estimate for you as part of getting a quote, which is often more accurate than a DIY calculation.
Yes, if you'd struggle to replace your belongings out of pocket after a fire, theft, or burst pipe. Renters insurance is usually inexpensive relative to the protection it provides.
Replacement cost pays what it takes to buy new items today. Actual cash value subtracts depreciation, so you get less for older items. Replacement cost coverage usually costs a bit more, but pays out significantly more when you actually need it.
Once a year, or after any major change: a home renovation, a big purchase, a move, or a significant change in savings or investments.
Looking for the full picture? Read the complete guide to insurance.