The cost is low and the protection is so valuable you’d think that all apartment dwellers would have coverage. Actually, over 50 percent of renters in the USA are not presently covered by insurance, which generally offers similar types of liability and protection afforded by homeowner’s insurance.

One main reason, experts say, is the generally mistaken assumption that tenants are covered under their landlord’s insurance policy. However, that protection only extends to the building’s common areas.

You are responsible for loss of your own personal possessions from theft, floods or fires, and you are personally liable for injuries to friends or guests once they cross your apartment’s threshold. Much like homeowner’s insurance, apartment insurance covers you for fire and resulting smoke damage, and helps replace stolen possessions after theft or burglary.

In addition, many policies include or additional living expenses while your apartment is being repaired or replaced.

Renters insurance can also protect your assets should house guests injure themselves inside your apartment and hold you personally liable.

The annual cost of basic renters insurance policy in Rhode Island generally ranges from $125 – $200. Premiums can be higher if you opt for extra protection against loss of high ticket items, such as expensive artwork or jewelry.

If you don’t have this coverage call your agent for a quote. It will probably be lower than you expect and the piece of mind will be well worth it.