When you rent an apartment, a condo or a room in a house, you bring with you possessions and whatever financial assets you own — even if those remain in the bank or the parking garage. Those assets and all your possessions are at risk of loss from property damage or a claim against you for harm to another person or their property, and without renters insurance, you might have no financial protection.

A renters insurance policy is designed to be a highly affordable personal insurance program that helps replace your possessions if they are stolen or damaged in a fire or other covered event, such as burst pipes. And if you are accused of causing harm to someone else or their property, the liability portion of your renters policy may help protect your assets from having to be liquidated to pay for the damages.

Your landlord does have insurance, but that policy is crafted to cover the building you live in and the landlord’s expenses to house you elsewhere if a catastrophe displaces you from your unit. It is not written to pay to replace your belongings.

Some renters policies are the price of a night of takeout; others run a little higher, but all are meant to be attractive to price-conscious purchasers. If you want to get a little higher coverage for specialty items, like firearms, high-end sports equipment, fine art or expensive jewelry, that can be added for additional cost. Just ask your Trusted Choice^® Independent Insurance Agent about your options and pick the policy that best suits your personal needs.

Jennifer Burnett, Michigan Association of Insurance Agents