Also consider how you would pay for temporary lodging should there be a fire in your apartment, and what you might be liable for should someone become injured on your property.
How Much Coverage Do You Need?
It wouldn't make much sense to buy a $10,000 policy when your home entertainment center is worth $5,000 alone and the total value of your belongings is more than $30,000. At the same time, you may not need a $100,000 policy.
Many people can be surprised when they add up the value of everything they own. Yes, creating a home inventory can be a tedious job. But knowing what you own is vital information when determining the amount of coverage that you need.
What's Covered?
The majority of renter's insurance policies will pay for damage to personal property, provide you with liability insurance if someone is injured or their property damaged while they are visiting you, and cover the cost of temporary housing should your home or apartment be uninhabitable due to a peril covered by the renter's policy.
Most renter's; policies will cover damage from fire and theft. The perils covered can vary from policy to policy, though.
As far as coverage amounts, some policies will only cover the actual value of your belongings, while others cover their replacement value. Ensure that you carefully read what is and isn't covered.