If you rent an apartment or house, you might consider purchasing renters insurance.

Renters insurance provides coverage for damage or loss of personal property for people in rental housing. It's to insure the renter's belongings from theft or damage. In addition, renters insurance also provides liability coverage for people in rental housing if somebody is injured while in the rental place. In this case, the renter is sheltered from lawsuits or liability for the problems cause by him/her.

Renters insurance can help you if one of the following things happens to you: your apartment catches on fire and your belongings are lost or damaged; you get stolen from a theft who breaks into your apartment; a friend of you injures himself while having a party in your apartment; an electrical power surge damages your television, stereo and computer. While renters insurance has a broad coverage, keep in mind that earthquake and damage caused by food are not covered in most renters insurance policy.

Many renters think their landlord's insurance will cover them. This is not true. In general, the landlord's insurance only covers the building, but not the renter's belongings and liability.

Renters insurance is not expensive. For example, a policy that costs around $300 a year (with a deductible of about $250) could cover between $20,000 and $30,000 worth of loss or damage, plus $500,000 to $1 million in personal liability.

To shop for renters insurance, you should try getting quotes from different insurance providers in order to find the best deal. You can check with your auto insurance company to see if they also sell renters insurance and whether the will give you a discount for buying two types of insurance from them.

Renters insurance is often overlooked by people renting an apartment or house, but it's a renter's good friend and it will give you the peace of mind.

Brian Walker is a freelance writer who has written many self-help articles. Check out more apartment living guide at Apartment Rental Finder (http://www.apartment-rental-guide.com) and 101 Apartment For Rent (http://www.101apartmentforrent.com).