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How Much Should Your Contents Coverage Be?

Confused about Contents Coverage? We are here to help!

Whether you’re shopping for condo insurance or even rental insurance, at some point, we’ll ask you how much you need for your contents coverage. Don’t worry; you’re not the only person stumped by this common home insurance question. We’re asking how much insurance you would need to replace all your belongings and stuff in your home. See below to learn more about content insurance and coverage.

How Do You Calculate Your Contents Coverage Limit?

Think of everything that you own in your home. This can include:

  • Furniture
  • Computers, TV, and all of your electronics
  • Clothes and jewelry
  • Appliances
  • Kitchenware
  • Bedding


The total can sometimes surprise you when you start writing down your belongings and adding everything up. This is what you would consider during your contents coverage discussion.

How Much Should Your Contents Coverage Be? The Home Insurance People

Don’t Cut Yourself Short – Calculate the Value of Everything

Remember, this exercise is designed to calculate the cost of replacing these items. Perhaps you’re still living with hand-me-downs from your parent’s basement. Your couch might have been a gift, but if you need to buy a new one, you’ll be looking at a price tag of hundreds of dollars. You also need to remember that although you may be a bargain shopper, if you need to replace your wardrobe due to a fire, you may not be able to get the best deals. When you are looking at calculating a value for your contents coverage, you want to look at the cost to replace with the same item at the current value. Consider the FULL COST of all of your belongings.

Why Can’t Your Insurance Broker Help You Calculate Your Contents Estimate?

Although we are always here to help, this is one area where you are on your own. There is no average for contents coverage. Most of our companies have a minimum that they will insure, usually around $40,000. However, it’s hard to estimate without knowing you or your stuff. One person’s 800 SQ ft. apartment may have $40,000 in contents, whereas another will have $400,000.

Keep Your Receipts

An excellent way to create a contents coverage limit is to keep receipts, especially if you’re fully furnishing your home. Those receipts can also help you come up with a monthly average spend which can sometimes help you estimate your total limit. Another way to determine the value is to complete a personal property inventory.

Calculate Contents Coverage Harbord The Home Insurance People

RELATED: Strata Insurance & Deductibles for Condos or Townhomes Explained

Keep a Property Inventory

The Insurance Bureau of Canada has a Property Inventory form here. Not only does this help you come up with a value, but it also means you have a list of your property should you need to make a claim.

Special Content to Insure

There are also some special items that we look at specifically. Although these items are considered contents, they may have a maximum that you’re insured for. Some of these items are:

  • Jewellery
  • Bicycles
  • Art
  • Business equipment at home
  • Collectibles and Antiques


If you have any of these items, let us know. Sometimes we can simply increase the maximums for those items, and other times we’ll add specific insurance to ensure you’re covered.

RELATED: The 411 on Contents Insurance and Insuring Your Stuff.

Home Insurance Contents Coverage The Home Insurance People

Get a Quick & Free Quote for Contents Insurance

If you live in Alberta or British Columbia and are looking for Home Insurance, we are here to answer any questions you may have about our range of home insurance products and servicesContact our team at 1.844.544.4663 and see what makes us Harbord – The Home Insurance People™!

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