Even if you don't own your home, you surely still have thousands of dollars in clothing, furniture, televisions, computers and jewelry that you wouldn't want to lose.  Renters insurance covers these possessions when you rent, rather than own your own home.

What is Renters Insurance?

If you rent your residence, having insurance protection for yourself and your possessions is still important.  Renters coverage protects you in situations that everyone can face: fire, theft, water damage and other unforeseen circumstances.  Your landlord's policy will only cover their building and any of their possessions - it doesn't extend coverage to your things as well.

Renters Insurance typically provides coverage, up to the limits you select, for specialized items and situations, including:

• Personal Property (furniture, electronics, computer equipment, clothing, etc...)

• Personal Liability if someone is hurt, whether at your residence or away from it.

• Damage to your apartment or home caused by a covered loss

Imagine going to dinner or a family get-together and returning home to be greeted by the flashing lights of police cars or fire trucks.  Building fires and damage can happen anytime, anywhere, but with proper renters insurance, your personal property will generally be covered if they're affected by any of the following:

• Fire

• Smoke damage

• Theft

• Collapse of the building due to weather

• Water leakage or overflow

• Freezing of plumbing, air conditioning and more

Renters insurance will protect you from incidents that occur while you're at home, too, such as a toaster catching on fire or a friend slipping and falling while visiting you.  Renters insurance provides coverage to your own items, and it provides coverage for other people's injuries or damages in situations for which you're liable as well.

You can't rely on your landlord's insurance to cover your valuables.  Renters insurance, sometimes referred to as an "HO-4" policy, can provide the financial protection you need.

Before you shop for renters insurance, take an inventory of what you own and about what it would cost to replace in order to decide what amount of coverage makes you feel comfortable.