Your apartment community or landlord's insurance policy most likely covers the physical dwelling, but not the items inside of your apartment. In addition, you may be liable for damages due to bodily injury of others, or for damage to their property due to your negligence. Don't sit back and hope disaster simply passes you by. Empower you and your apartment with a renters insurance policy that most likely covers a lot, for far less than you imagined.

It is easy to get a renters insurance policy with the personal property and liability insurance coverage you need. Once you're covered, you can relax and enjoy the peace of mind that comes with knowing you and your possessions are protected against the unexpected.

There are several types of residential insurance policies. The HO-4 policy is designed for renters, while the HO-6 policy is for condo owners. Both HO-4 and HO-6 cover losses to your personal property from 16 types of perils:

*Explosion
*Windstorm or Hail
*Fire or Lightning
*Riot or civil commotion
*Damage caused by aircraft or vehicles
*Smoke
*Vandalism or malicious mischief
*Theft
*Volcanic eruption
*Falling objects
*Weight of snow, sleet or ice
*Accidental overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protective sprinkler system, or from a household appliance.
*Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance.
*Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system.
*Sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor or similar electronic component)

**Floods and earthquakes aren't on the list. If you live in an area prone to either, you'll need to buy a separate policy or a rider. In some coastal regions, where hurricanes might pose a threat, you might also need to buy a separate rider to cover wind damage.

Actual Cash Value (ACV): ACV only covers the value of
your items at the time they were damaged. In other words, wear and tear depreciates the amount paid to you, and the total amount paid is also based on your deductible and coverage limits.

Replacement Cost Coverage: Replacement Cost Coverage reimburses you for the replacement cost, but often produces a higher premium. Obviously your deductible and coverage limits will determine the amount of reimbursement, but generally the policy will replace your damaged items with comparable items.

Medical: Your guest's reasonable medical costs are covered in case of accidental injury while on your property, regardless of who is at fault.

Personal Property Protection: Provides protection against loss to items such as a stereo, bicycle, jewelry, cameras, furniture and clothing. Certain renters policies will have personal property categories to include the above items in your coverage.

Despite common misconceptions regarding insurance policy premiums, a basic renters insurance policy will cost you less than 50¢ per day, and as low as $15 per month.
According to the Independent Insurance Agents & Brokers of America, nearly two-thirds of all tenants in the United States do not have renters insurance, despite coverage limits in a typical policy running up to $40,000 for personal property and between $100,000 and $300,000 in liability coverage.

So what are you waiting for?