Renters insurance can be one of those apartment costs people think they can do without and save some money. Unfortunately, this misconception can be very costly. Apartment renters insurance provides financial protection for you in case of fire, theft or weather damage. It can also protect you in case of an accident at your apartment or even items stolen out of your car.

Begin by shopping around and getting renters insurance quotes online or by phone from several companies. Compare not only the annual price for coverage, which is usually less than $100 per year, but also compare renters insurance coverage types. There is a difference between “actual cost value” versus “replacement cost coverage.” The difference is in how they value your belongings. One replaces your belongings at their actual cost at the time of the event requiring insurance coverage. The other reimburses you for your belongings at the cost it would take to replace them regardless of their worth at the time of the event.

You can reduce your renters insurance costs by installing fire and security alarms, deadbolt locks and fire extinguishers. You can also save money by packaging your renters insurance with your car insurance and increasing your deductible. You should take the time to inventory all your valuable possessions on paper and with photos, including serial numbers and prices. Keep this inventory in a safe place out of your apartment so you can still obtain it in the case of disaster.

Renters insurance can even cover your laptop if it is stolen while you are at the park or you bike while its parked in front of the grocery store. For a few dollars a month, you can have peace of mind about your belongings in and out of your apartment.