Many renters don't bother with taking out any insurance on their belongings because they
feel that they don't have enough possessions to warrant such a move. However, an average
one-bedroom apartment may easily contain more than $20,000 worth of property. It is important
that you take the time to take a personal inventory of your possessions to determine just what
it would cost for you to replace all your possessions.
Surprisingly enough, for as little as $100 a year, you can purchase up to $15,000 of replacement
cost coverage for your possessions and $100,000 of liability insurance. This second item is
especially important to take note of. Many apartment complexes may require that you provide
some form of liability insurance. This is especially true if you own a waterbed or if you
have an outdoor grill that you will be using on your balcony or patio. Be sure to read your
lease closely and be aware of your insurance requirements.
