An important part of a renter's to do list is to purchase insurance.
Even when the property they are renting is already covered by an insurance policy, the policy that their landlord took for the house or apartment will likely cover only the structure of the building and the land where it stands.
Renters need to have their own insurance since the landlord's insurance does not cover any of the renter's things inside the building.
When added up, the value of these items is worth thousands of dollars, not to mention the sentimental value things can hold for the owner.
In practical terms, getting an insurance will prepare the owner for the possibility of loss and damage on these items and help him replace all these in the event of a catastrophe, both man-made and natural.
For full protection, a renter can go for an insurance policy that will offer coverage against loss and damage to his personal property contained inside his rented home.
Protection will be against from fire and smoke damage, from natural catastrophes like an earthquake, storms and flood, and malicious events like theft and vandalism.
What's good with renter's insurance is that even if one will lose everything under the above circumstances, you will be able to have these replaced virtually at once.
The amount that will be awarded to you will be based on the replacement value of your stuff and not their depreciated value.
Basically anything of value to you that you want to include can be covered by renter's insurance.
These include clothes, jewelry, furniture, and appliances.
Even small electronic gadgets such as cell phones, laptops and music players can be covered.
Renter's insurance will also provide you with protection from liability in the event that someone will get injured while inside your rented home.
Coverage will usually include medical expenses as well as defense expenses if the injured person decides to sue you.