Look around each room of your home and take a mental inventory of your personal belongings.

Now imagine if it were all stolen, damaged or destroyed. Could you afford to replace all your furniture, clothing, electronic equipment, CDs and DVDs, etc.?

An apartment renter insurance policy can enable you to protect thousands of dollars worth of property for only a few hundred dollars a month. When you factor in the liability coverage included in most policies, renters insurance is a great value, and an investment in peace of mind.

What Types of Apartment Renter Insurance Policies are Offered?

There are two main types of apartment renter insurance policies you can purchase; actual cash value or replacement cost.

An actual cash value policy will reimburse you for any property stolen or damaged after taking into consideration the depreciation of each item.

A replacement cost policy will reimburse you the full cash value of the current market price for each item.

Renters may also want to consider adding on flood and earthquake coverage to their standard apartment renter insurance policy.

Just like homeowners insurance, these features are additional add-ons. You can also purchase identity theft insurance with most renters insurance policies.