Let's say your bicycle is stolen. Or you lose your engagement ring. Or your apartment is burglarized.
Your landlord's insurance policy only covers the building, not your belongings. But if you have renters insurance, your losses would be covered in all three scenarios. Yet, only an estimated 34 percent of renters have policies.
Many believe renters insurance is as expensive as, say, car insurance. But it's not, according to the National Association of Insurance Commissioners. Most policies are less than $200 per year, which is a small expense when considering the cost of replacing your belongings if you experience a loss.
The website usa.gov offers resources for renters on renters insurance, including how to secure a policy, determine what type of policy would be best for you, and how to do an inventory of your possessions. For example, if you have expensive jewelry, you might want to consider adding extra coverage because a standard policy only covers jewelry up to $1,500. You can also get tips on other topics relating to renters, such as how to select a reputable moving company.
Visit usa.gov for more information!