Renters Insurance BasicsHelping you understand renters insurance better.

If you rent an apartment or home and don't have renters insurance, you're vulnerable to myriad potential disasters that a pittance of a premium could—and should—be covering. With premiums only about $10 a month for coverage of $30,000 worth of belongings and liability, the amount of heartache a policy could potentially prevent makes the cost well worth it.

If you rent and don't have renters insurance, your landlord's policy covers the four walls around you, but not a thing in-between. If some of your possessions were damaged in a disaster like a flood or fire, you're out of luck without renters insurance. Renters insurance also protects you from accidents your friends have. Not that your friends would sue you (if they would you need new friends), but renters insurance gives you some coverage for injuries people receive as your guest. Even though it's unlikely, you'll be extremely glad you have it if you need it.

Another plus is that your possessions are covered everywhere—and you probably have more valuables than you think. Even if you've never quite got around to amassing a collection of Ming vases, you probably own at least $15,000 worth of furniture, electronics, musical instruments and sports equipment that will be covered in your car, hotel room, suitcase, purse or satchel. Almost anything you own, anywhere you are is protected. So even if your home is a veritable fortified compound, you'll still benefit from coverage.