Here’s a situation we work hard to prevent for our clients: Imagine a family renting an apartment in a nice building off Main St. They have a couple of bedrooms, a family room dining room and kitchen. They have allot of nice belongings, like a flat screen TV, video games, nice clothes, etc. One evening something goes wrong.

Without warning, a small fire breaks out in the kitchen and 75% of their belongings are damaged by smoke and fire. The replacement cost for everything is $45,000. Because the fire occurred in their rented apartment, will the landlord’s property insurance policy pay for the damage?

No, it won’t.

When we receive a question like this from a frantic family, it’s usually too late. A new policy won’t cover events that occurred in the past. But you are warned and can set a responsible plan for your future.

When you renting, you need an inexpensive renter’s insurance policy to cover against fire, theft, lightning and other damages. Depending on the coverage limits, costs usually range from $75 to $350 per year. A policy with $45,000 coverage may cost around $300, and the excellent protection is well-worth the expense.

One final word. . . The renter’s policy also covers you for damages that you might cause to others, like if a washing machine or bathtub were to overflow and damage the building property and your neighbors belongings.

The more I think about it, the better it sounds. If your renting an apartment, condo or home, don’t put off getting yourself a renter’s policy. Act now.