It is becoming more and more common for landlords to require that tenants purchase renters insurance before signing a lease. Renters insurance covers loss of, or damage to, personal property. Renters insurance also offers other types of protection such as liability protection (protects you against a lawsuit if someone is injured or their personal property is damaged). Another option for renters is protection against property lost while traveling (i.e., the airline losing your luggage). Other such options include coverage for property damaged in floods or earthquakes and damaged wedding or engagement presents. Renters insurance falls into one of two categories:

• Actual Cash Value is the cost to replace the item, minus depreciation.
• Replacement cost policies pay enough to replace a damaged, destroyed, or stolen item with the exact same item or something as close to it as possible (rather than paying the depreciated value of an item).

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The cost of renters insurance depends on a number of factors, including the theft rate in your area and whether you and your neighbors have filed a number of claims before. If you live with roommates, ask potential insurers whether one policy will do to cover multiple people, or if each person in the household need to purchase separate policies.

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• If you are a renter who works out of your own home, you may need to purchase a special type of policy that covers expensive equipment and extra liability coverage for clients who come to your home office.
• Most renters insurance policies have a $2,000 limit on jewelry that is stolen. If you feel that you have expensive jewelry, think about adding a floater to your renters policy.
• The average value of renters’ belongings is in the vicinity of $60,000.