I rent an apartment. Does the building owner's insurance cover my belongings?

Renters insurance is a package policy specifically designed for tenants. These policies insure personal property and provide loss of use protection if you must temporarily relocate following an unexpected loss that makes the apartment uninhabitable.

Personal liability and medical payments coverage are also included. Liability pays when you, your family or your pets are responsible for injury to others or damage to their property. It also pays for a lawyer to defend you if you need one. Medical payments coverage pays medical expenses for someone accidentally injured on your property or injured by you, a member of your family or your pets.

Companies marketing homeowners insurance products usually offer renters insurance too. Talk to a local agent for cost and coverage options.

Most people own more belongings than they realize. The best way to assess your personal property needs is to make a room-by-room personal property inventory. Include brand names, model information, serial numbers and receipts whenever possible. Photographs, videos and value appraisals are also useful. Store the inventory in a safe deposit box and update it periodically.

Evaluate your financial assets to determine the appropriate personal liability coverage limit.