If you are renting a home or apartment, and something happens to your belongings, it is up to your landlord's insurance policy to cover them, right? Wrong! That misconception could leave you empty-handed and unprotected if the unthinkable occurs, which is why it is important to get renter's insurance.

A recent poll by the Independent Insurance Agents & Brokers of America found that two-thirds of renters in the United States choose not to purchase renter's insurance -- often under the belief that it's the landlord's responsibility. So, what kind of protection should you get to protect your property?

The average renter's insurance policy only covers your personal property within policy limits, but many have provisions to cover additional living expenses if you're forced to stay elsewhere. So, make sure you check your policy.

Once you purchase a renter's policy, take an inventory of all your belongings -- furniture, electronics, even your clothes. A photo or video log will show your insurer all the belongings that were lost. Store your inventory somewhere safe outside your home and update it as needed. Also, be sure to discuss additional coverage options with your insurance agent if you have any recent major purchases.

Possessions aren't any less valuable just because they belong to someone who rents. Even if you're on a tight budget it's important to purchase some level of protection for your belongings. Most renter's insurance is fairly inexpensive and will no doubt be cheaper than replacing all of the items lost if your home or apartment is damaged.

The Facts on Rental Insurance

It's inexpensive: Renters insurance costs about 50 cents a day on average, but may vary by state.
The risk is real: Renters insurance helps provide protection for many personal belongings if they are stolen or destroyed by fire or other covered losses.
Personal possessions are expensive: People are often surprised when they add up the value of personal possessions such as televisions, stereo equipment, CDs, clothing, linens and other important valuables. Many people find they can't afford to replace or repair their possessions without assistance. Others find that even though their possessions are dated, the cost to replace them would be unaffordable if they experienced a loss.
Protects an individual's financial future: Renter's insurance can help provide protection up to policy limits if an individual becomes legally obligated to pay for covered accidental bodily injury or property damage to others. Most renter's insurance policies include personal property protection in the event of a covered loss, theft coverage, family liability and guest medical protection up to policy limits. Additional coverages including tailored plans to cover jewelry, furs and expensive electronic equipment are available.

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