Imagine you get home and find that your home has been broken into. After overcoming the initial shock and outrage of having your personal space violated, you begin to walk through your home, room-by-room, to assess the damage. The thieves made off with your stereo, your TV, your CD and DVD collections, your bike, they even stole some jewelry and clothes. Think it can't happen to you? Think again. If you rent your dwelling, you're particularly vulnerable to theft. The U.S. Department of Justice's Bureau of Justice Statistics states that people who rent their home or apartment were victimized by burglary 79% more than those who own their own home.

You Need Renters Insurance

Take a mental inventory of all your personal belongings. When you consider the value of your furniture, electronic equipment, clothing, CDs, DVDs, etc. the numbers really begin to add up quickly. What if your home were robbed? Could you write the check to replace all the property that was stolen? Most people simply can't afford to replace all their belongings all at once like that. You could dip into your savings and begin the slow and expensive process of replacing your items one-by-one. Or, you can get renters insurance and protect your personal property.

Are You Covered Under Your Landlord's Policy?

Don’t be one of the many renters that mistakenly presume that their landlord's policy will cover their assets. This is not the case. Most landlords' policies only cover the building and the building infrastructure. They do cover their assets, but the coverage does not extend to their tenants personal belongings. What's more, if you have a guest visit, you are the one that is liable for any injuries they may sustain during their visit, not the landlord.

What Does Renters Insurance Covers

Renters insurance is the most reasonable solution to protecting your belongings when you do not own your residence. Renters insurance covers personal property losses against a variety of perils including theft, fire or lightning, vandalism, windstorm or hail, smoke, electrical surge damage, water-related damage from home utilities and more. Renters insurance also provides liability coverage for you against a claim or lawsuit resulting from accidents that cause bodily injury or property damage to others while on your property. In addition, most policies will also provide living expense assistance if a covered peril makes your home uninhabitable.

Is Renters Insurance Affordable

Renters insurance is relatively inexpensive and there are several premium discounts that you may well qualify for. For only $16 per month on average you can get $30,000 of property coverage and $100,000 of liability coverage. Doing the math you can see that you can buy a policy that will protect tens of thousands of dollars in possessions for only a few hundred dollars a year or less.

Taking measures to lessen the risk of having your home broken into in the first place will also help make you more secure, but could also qualify you for discounts on your policy. Installing a deadbolt lock on your doors (if you don't have one already), adding window locks and installing a burglar alarm is a great ways to ward off potential intruders. But even if someone does get in and steals your things you can at least know that your personal belongings will be protected with a renters insurance and theft protection policy.