If you rent a house or apartment, did you ever consider what you would do if a fire broke out or a tornado flattened the building? Would you be forced to move back in with Mom and Dad?

If you've answered "yes" or "I don't know" to these questions, you need renter's insurance.

The owner of the building typically carries insurance from the studs out. But from the studs in, you're on your own.

Renter's insurance is one of the cheapest policies you can buy, costing somewhere between $150-$350 a year. And it will protect you from burglaries to fires to personal liability if someone slips and falls while inside.

Catalog your belongings and be prepared to buy extra insurance if you own furs or valuable jewelry. Then, go insurance shopping either online or through an independent agent who can show you choices.

Just because you don't own the dwelling doesn't mean you shouldn't protect your things.

Check out our full library of ways to save money on insurance.

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