Are you thinking about moving? Maybe start fresh in a new city, or possibkly downsize your home since the kids are now on their own. Maybe take a nice apartment with an extra room for an office or guest. Just remember that if your rental house or apartment is destroyed by a disaster, or even partially impacted by a small fire or something of the sort, your belongings are not covered under your landlord’s homeowners insurance. Same with a burglary or flood. If you are not carrying renters insurance, you are out of luck. So why make a bad situation even worse when you could have the coverage for much less than you think?

With most policies, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.

Renters insurance covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses.

Your best bet is to sit down with your insurance professional and go over the options available to you. Be sure to have the coverage you need (and believe you have) before it is too late.