What is renters insurance and what does it cover?

Many people tend to believe that insurance is only needed if you own a home, but insurance is also good investment if you rent a house, apartment, condo or any other type of property.

Renters insurance covers loss of personal belongings. Homeowners insurance covers the actual home or apartment, but personal property is left uninsured.

Beyond personal property, renters coverage can also include protection against lawsuits or medical bills in case someone gets injured at your residence.

Renters insurance coverage varies depending on the plan and the insurance company. Some plans will cover multiple people, some not. In some cases, renters insurance is required by landlords.

Take the time to evaluate your belongings and the cost to replace them.