Home Insurance

A renters policy provides financial reimbursement for covered losses to your personal belongings. If a covered peril occurs, you'll file a claim with your renters insurance company to receive compensation for your loss, up to your policy's limits, sub-limits, and minus any deductible.

Renters insurance isn't legally required, though certain apartment complexes and landlords may require it. Even when optional, it's a good idea to cover what you've spent a lifetime accruing.

Once a year, go through the list and eliminate items you may have replaced, donated, or sold. Pay attention to limits, deductibles, and other information to make sure the policy reflects the coverage you need. Set aside an emergency fund to cover your deductible in the event of a claim.

Your renters policy also includes personal liability coverage if you're legally responsible for someone else's injuries or damages. Renters insurance won't cover the actual structure you live in — that's your landlord's responsibility.