If you are a tenant you need renters insurance.

Renters insurance policies are designed to cover you in the event of loss to your personal property, and protect you in the event you’re liable for injury or property damage to others in your rented apartment, home or condo.

Common myths about renters insurance
Many renters assume their landlord’s policy covers their belongings. That’s not the case, and they often don’t find that out until after a disaster or a robbery. Your landlord’s policy doesn’t cover anything that’s yours. The only exception to this would be if the loss was caused by negligence on the part of your landlord, and then you would still have to prove it in court. This is where Renters Insurance comes in.

Renter’s insurance will cover all or a portion of a loss to such items as your furniture, your electronic equipment, your CD/DVD collection, computer, clothes and other personal items. Would you be able to afford to replace everything in the event of a fire or burglary?

Don’t underestimate the value of your belongings
You have thousands of dollars in property. Maybe you can’t afford to replace it all, but you can insure it — for cheap. A renters insurance policy costs less than a dollar a day. In case of the unexpected, that small daily cost will save you thousands.

What renters insurance covers
Renters Insurance may cover repair or replacement of your personal property damaged, destroyed or stolen as the result of various types of peril — fire or lightning, windstorm or hail, explosions, smoke, vandalism, theft, damage by glass, electrical surge damage, and water-related damage from home utilities, and more. If your home is made unlivable by one of these perils, Renters insurance will pay for the associated expenses. Coverage is usually limited to a percent of the total value of the policy. Renter’s insurance can even cover you for personal possessions that don’t happen to be in the apartment at the time of the loss.

Suppose you have visitors to your apartment and someone slips on a wet kitchen floor and breaks an arm? Who is responsible for the medical costs? In most circumstances you, the tenant are and NOT the landlord. Renter’s insurance will protect you in the event you are responsible for injury or property damage to others in your rented apartment, home or condo.

Renters Insurance is a bargain
Renters Insurance is relatively inexpensive. The average cost of renter’s insurance begins about $10 a month for around $30,000 worth of property coverage and $100,000 worth of liability coverage.