Do I Need Renters Insurance? 4 Questions to Ask Yourself

Get savvy about the importance of renters insurance by asking yourself these four questions, and find out if this smart, affordable coverage is right for you — we’re banking on yes.

How much are my valuables worth? You’ve most likely acquired a good deal of belongings over the years, and when you calculate the value of your electronics, clothes, jewelry and even that uncomfortable futon — the result is probably more than you think. Try our DreamVault to keep track of the possessions you worked so hard for. It’ll help you organize your belongings so you can gauge how much your things are worth, and it’s a great way to keep an up-to-date inventory in the event you have to file an insurance claim.

Can I afford to pay out-of-pocket to replace my belongings? Now that you’ve added up what your valuables are worth, ask yourself if you have the money to cover the cost if anything were to happen to them. Renters insurance helps cover the costs to replace your belongings if they’re ruined from smoke damage, fire, theft or other unexpected incidents. It’s important to note that your landlord’s insurance won’t cover your belongings under these circumstances, so for a small price each month — often less than the price of a pizza — give yourself some peace of mind that you’re being financially proactive.

Would I be able to afford lodging if I was temporarily displaced? If there were a fire or some other event and you couldn’t live in your apartment, you’d need to make temporary living arrangements, like staying in a hotel. But that could add up and cost more than a month’s worth of rent! Another win for renters insurance — it’ll help cover the cost for lodging if you have to leave your apartment or other rental due to an unexpected event.

Do I travel a lot? And by travel, we simply mean to work, school, the store, your neighbors, or sure, across the country — because renters insurance helps protect you and your things wherever you go. Read more about renters coverage on the go.

Having renters insurance is more valuable than you thought, right? Check in with your American Family Insurance agent to find out more about adding this smart, affordable coverage. Our renters FAQs can help answer more questions you may have about why renters insurance is a good choice!

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Related Topics: Renters , At Home