Content insurance protects your personal property when you rent an apartment, a condominium or a home. The owner of the property is responsible for insuring the building itself, as well as any appliances or fixtures that are provided to you as a renter. But, unless you buy contents or renter's insurance, you will not have protection for damages or loss of your furniture, clothing and electronics - basically everything you own!
As a renter, you need coverage for your personal property, and liability protection in case you're responsible for injury to someone else. Content insurance pays for damage to, or the loss of, your personal possessions that are located within your residence. Some policies will also cover your personal possessions, such as a laptop or golf clubs that you might have in your car. A renter's policy will also include liability coverage for injuries. For example, if your dog bites your neighbor, you might need liability coverage.
Replacing your clothing or furniture after a fire or flood can be extremely expensive. If you have jewelry, guns or valuable coins, be sure that the amount of coverage you purchase will cover your important property.
You'll be surprised what you have. A home inventory is the best way to document your personal property. Digital pictures or a quick video of each room and closet will help you get the most from your insurance policy if you ever have a loss.