Renters insurance is designed to protect your personal belongings in the event that they are destroyed or damaged by a covered incident that occurs on the property that you are renting.

While your landlord undoubtedly has insurance protection on the home, apartment or condo that you are renting, that insurance covers only the dwelling. It specifically excludes your belongings. That’s why you need renters insurance.

Depending on the type of coverage that you opt for, you renters insurance can also protect you against lawsuits from people who are injured while visiting your home, damage done to other people’s property by your pets or children, and even provide medical coverage for people who are injured while visiting you.

Compared to standard homeowners insurance policies, renter insurance is so inexpensive that it doesn’t make sense not to have it. Basic renters insurance premiums start at around $300 per year and go up from there depending upon the value of your belongings and the coverage options that you select.

Typical coverage includes loss from fire and theft. Coverage can be extended to include coverage for weather-related damage like tornados and hurricanes. Flood insurance is usually a separate option even if your renters insurance policy does cover weather-related damage.

High-value items such as expensive cameras, jewelry, coin or stamp collections and certain items of apparel like fur coats may require separate coverage called “riders”. Be sure to check with your renter insurance company to make sure that everything you want covered actually is covered.

If you are renting, and you do not have renters insurance, you risk waking up one day and finding that everything you own has been destroyed and there is no way that you can afford to buy replacements. Don’t let that happen to you. Renters insurance is too inexpensive to ignore.