Apartment buildings

The Benefits of Rental Insurance

Updated April 1, 2024 . AmFam Team

Renters insurance is a valuable resource to have and can give you peace of mind that your things are protected wherever you go. But still, the bulk of renters don’t know just how valuable renters insurance is, so we’ve highlighted some important details about how this smart, supportive and affordable coverage helps protect what matters most to you.

The Nitty Gritty on Renters Insurance

When it comes down to it, the cost of renters insurance isn’t much more than a dinner out with friends or family — and it’s just as satisfying. Let’s take a look at a few instances where the affordability of renters insurance comes in handy.

Protects your possessions. Consider the value of everything you own — it probably adds up, right? If someone were to break into your apartment and steal your television or computer, could you afford to replace it on your own? Having renters insurance protects you financially, for example, in the event someone breaks into your place and steals valuable possessions, your belongings get destroyed from smoke or fire damage, and even in the event a storm breaks your window and your computer gets rained on.

You’re probably saving up for important things, like your first home or maybe even a family, so it’d cost a pretty penny to try and recover from any of these instances. You can track all of your belongings using our home inventory spreadsheet, so in case anything unexpected were to happen to your things, you’d conveniently have everything up-to-date.

Liability protection. If a guest walks through your freshly-washed kitchen floor, slips, and breaks a leg, your renters insurance would help pay for his/her medical bills. Renters insurance helps cover claims and lawsuits brought by others for injuries and damage to their property that’s unintentionally caused by you, your kids or your pets.

Coverage on the go. Another perk of having renters insurance is that it follows you wherever you go. Let’s say you’re at the park playing tennis and you momentarily leave your racket on the bench to run to the restroom, and when you get back your racket is missing. Fear not! Your renters insurance will help cover the cost to replace it. Whether you’re traveling for work, on vacation or simply away from home, your renters insurance has your back.

Identity theft coverage. When you have renters insurance, you have the option to add identity theft protection for a small, affordable cost. This added coverage can save you loads of time, money, stress and your overall sanity in the event your identity is ever stolen. We’ll help provide you the resources and know-how to overcome the problem, and you’ll rest easier knowing your identity restoration process is in good hands.

Loss of use. If something happens where you would need to temporarily relocate, your landlord isn’t going to foot the bill. Let’s say your upstairs neighbor forgot to turn the bathtub off, causing water to overflow, leak through the floor, and mightily rain down on you and all of your belongings. Would you be able to afford a hotel and food expenses while your dwelling gets back to order? When you find yourself stranded without a roof over your head, your renters coverage will help cover your hotel and other expenses while you’re temporarily displaced.

Peace of mind. Having renters insurance is like an invisible shield around you and your belongings you worked so hard for. When you make the smart decision to protect yourself with renters insurance, you’ll have peace of mind knowing you’re proactively protecting everything that makes you distinctively you.

Renters insurance is more valuable than you thought, huh? Now that you know the benefits of renters insurance, check in with your American Family Insurance agent — they’ll help you build a customized renters insurance policy that fits your needs and lifestyle.

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