Imagine a fire in your building. Terrified, you run to safety, happy that you escaped uninjured.
You stand outside watching the building burn and count your blessings.
What you may not know at that moment is that, without rental insurance, you lose your possessions. Your Xbox is gone, all your clothes, the furniture you have bought over the years. Not many people can reach into their pocket and pull out $20,000 to replace everything.
Contrary to what many renters think, they aren't covered under the property owner's insurance. That only covers the structure, not the items inside it.
Only one kind of insurance protects your lifetime investment in your possessions: Renter's insurance.
Unexpected perils abound: fire, wind, hail, or even a car crashing into your rented property. All of these can destroy or damage possessions accumulated over the years.
Renter's insurance protects your personal property in an apartment, condo, or house from unexpected disasters. It will even cover the cost if, say, your sink overflows and soaks down through the floor into someone else's apartment.
In addition, renter's insurance can help protect you if someone is injured in the rental.