Learning Center

Renters Insurance Has You Covered

girl on the floor looking at papers

When you rent instead of own your home, it's easy to overlook insurance. After all, you don't own the building or property. You also don't have a lender requiring insurance like you would if you were an owner.

As a renter, you may not think you have that much in the way of personal property. This video will make you think again.

If you took an inventory of all you own, your list might include:

  • Furniture
  • Clothing
  • Personal electronics like a TV or stereo
  • Digital music players
  • CDs and DVDs
  • Sporting goods (bicycle, golf clubs, hunting or fishing gear, etc.)
  • Pots, pans, dishes and small kitchen appliances
  • Jewelry (including watches and rings)
  • Art or other decorations
  • Computer equipment
  • Gaming systems

If any or all of these items were damaged, stolen or destroyed, could you afford to repair or replace them?

You have options

There are two types of renters insurance to consider – Replacement Cost and Actual Cash Value. Like the name suggests, replacement cost insurance pays to replace damaged or destroyed items without regard to depreciation in the event of a loss. Actual cash value insurance considers depreciation and pays what an item is worth at the time of loss.

Other things to consider include extra living expense and liability. If your apartment is damaged and you can't live in it while repairs are being made, will you need your policy to pay additional costs to stay in a hotel? Will you need liability protection in case another person is injured in your apartment?

Why take the chance? To learn more about renters insurance and the peace of mind it can give you, contact a local American Family Insurance agent.

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