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If you are like many people who rent a home or apartment, you may not have renter's insurance or even feel you need it. Many people are under the mistaken impression that their landlord or property owner's insurance will cover your personal property in the case of a disaster. They are very wrong. The insurance the landlord carries will only cover the property, not the inside belongings. This is why it is so important that renters purchase a renter's insurance policy.

If you don't have renter's insurance, you can lose everything you own in a fire, break-in or other disaster such as tornado, windstorm, etc. If someone steals your child's bike while it's sitting in your yard, your renter's insurance will pay for its replacement. If a neighbor slips on your icy steps and hurts him or herself, and decides to sue you, your renter's insurance will pay their medical bills and protect you from any legal ramifications. If your home was damaged a covered peril and you have to live somewhere else for a while, you're renter's insurance will cover your living expenses while you live there.

Renter's insurance is just like homeowner's insurance in that it covers your personal belongings. If you do not have renter's insurance now, start shopping for some today. Renter's insurance is not very expensive, so you should be able to find a very good policy for a reasonable price. Most policies are $200 or less per year. This price is completely worth the security of knowing your belongings are covered in the event of a fire or some other disaster.

Don't be afraid to ask your insurance agent about the policy and what it covers. If there is a deductible, find out what it is. The deductible is the amount you must pay before the insurance will pay for a claim. For instance, if you have $10,000 worth of damage and your deductible is $1,000, you have to pay the first $1,000 and your insurance company will pay the other $9,000. Also, if there are any exclusions (things they won't cover), find out what they are.

Remember to learn whether or not the insurance company pays actual cash value for your belongings or replacement costs. Get the best possible policy you can for your money. What may look like a good deal may not be when you really need the coverage, so don't be afraid to ask questions, take notes and comparison shop before making a final decision.