Many tenants are unacquainted with the benefits of a renter’s insurance policy. All of the hazards a property owner may encounter can also impact a tenant. A property owner’s insurance policy provides no benefits for a lessee. A renter’s insurance policy offers the same protection, from the same hazards, as a homeowner’s policy, excluding coverage for the structure.Typically the hazards, or perils, that a homeowners and renters policy will respond to are:Fire and lightningWindstorm and hailExplosionRiot and civil commotionAircraftVehiclesSmokeVandalism and malicious mischiefTheftVolcanic eruptionFalling objectsWeight of ice, snow, or sleetWater damage from plumbing or home appliancesDamage from electrical surgesA renter’s insurance policy provides benefits to the tenant for:Personal property with limitations on jewelry, firearms, silverware, money, securities, personal records, and other items listed in the policyAdditional expenses from loss of use of premises due to a covered perilLiability protection from law suitsBefore purchasing a renters insurance policy, take inventory of your possessions to ensure you obtain adequate coverage. A written inventory which includes the description and value of your property, and photographs, will be very helpful in the event you need to file a claim. Keep the inventory and photographs in a safe place away from home such as in a safety deposit box. Inquire about limitations and exclusions on your renter’s insurance policy to avoid any surprises. Items which are excluded or where coverage is limited may be insured separately under another policy called a floater. If the premise to be insured has smoke detectors, security system, deadbolt locks, fire extinguisher, etc… you may qualify for discounts.Since there is no mortgage company involved in obtaining a rental, and most landlords do not require a renter’s insurance policy, it is entirely up to the tenant to protect themselves. Don’t wait for an unfortunate mishap to occur to find out just how affordable a renter’s insurance policy can be.