Even if you don't own the home you live in, you still have personal property that needs to be protected. Renter insurance covers damages to your possessions when you rent and includes liability insurance should someone get hurt at your residence.
Many unexpected things can happen. Pipes burst. A spark ignites a blaze. Thieves steal your possessions. Most of your basic items (furniture, clothes, electronics, etc.) can easily add up.
What is Renter Insurance?
Similar to homeowner insurance, renter insurance protects you in situations that everyone can face: fire, theft, water damage, and other circumstances your landlord's policy may not cover.
A renter policy provides coverage, up to the limits you select, for specified items and situations, including:
- Personal property (furniture, electronics, computer equipment, clothing, etc.).
- Personal liability if someone is hurt, whether in your home or away from it.
- Damage to your apartment or home caused by a covered loss.
If you live in an apartment or rental home and accidentally cause a fire or water damage, the landlord may come to you to cover the expense of the building damage. Your policy can help to replace your personal items damaged and help to cover the cost to rebuild or fix the structure. Costs otherwise that would have to come from your own pocket.
How much are my possessions worth?
It's important to know how much personal property coverage you may need. The best way to do this is to take an inventory. You can download AFI's Household Inventory Booklet to help you get started.
- List each item in your home, when you acquired it, and the purchase price or current value.
- Going from room to room helps to ensure you've covered everything.
- List items in your basement, attic, and garage or other outside structures.
- Pay special attention to valuable possessions, such as antiques, art, jewelry, collectibles, and electronic equipment.
- Total the amounts of these items for a rough idea of what your property is worth.
- Once completed, store this document in a safe place away from home like a safety deposit box.
- Make sure to update this has you purchase new items.
The total amount you figure your property is worth will be an estimate for the amount of personal property coverage you may need for your renter insurance policy. Contact Armed Forces Insurance today at 800-495-8234 or get a free no-obligation quote online.
Insurance products are provided by Armed Forces Insurance Exchange (AFIE), Armed Forces Insurance Agency (AFIA) and its affiliated partners. All policies and endorsements are subject to underwriting approval. Coverages, deductibles, limits, and discounts vary by state.