If your apartment is robbed or the apartment above you has a fire, and the water used to extinguish it floods your apartment, your landlord's policy likely won't pay to replace any of your stuff. That's up to you.

You have a lot of money invested in your personal property — and it's worth protecting. And remember, as a renter, you could experience a loss due to something you have no control over. Use the Warren Gray Agency Home Inventory List  to catalog your possessions.

Also, keep in mind your need for liability insurance. Say your friend's clumsy cousin trips on your sneakers, falls down the stairs and hurts his back. Like it or not, he could sue you for that. Whether or not he wins, fighting that suit could be an expensive nightmare.

A Renters Policy will protect your personal property the same way it would if you owned a home. Ask your agent about what level of coverage is right for you.

• Personal Property Protection
  Covers the loss or damage of your stuff
• Family Liability Protection
  Provides legal representation and protection against judgments
• Guest Medical Protection
  Covers medical costs for visitors injured at your home
• Additional Living Expenses
  Reimbursement for costs of temporary housing during reconstruction

• Replacement Coverage – Allows you to receive the full purchase price of lost items
• High Value Item Coverage – Extends protection beyond your basic policy limits

• Multi-Line (Home + Auto) – Save up to 15% depending on the type of home and the state in which you live.
• Protective Devices – Save up to 15% depending on the combination of installed protective devices.
• 55 or older and retired – Save 10-25% depending on the type of home.

Since a Renters Insurance Policy doesn't cover floods, ask your agent if people in your community are eligible for a National Flood Insurance Policy.

The kinds of things we are buying is changing. While your parents may have spent a lot of money on furniture, you may find yourself spending more on home electronics and trying to figure out which remote to use. Taking the time to understand how your coverage works can help you make sure everything you value is adequately covered.

There is a maximum amount your insurance will pay for your personal property. This Limit is usually a percentage of your Structure Limit (the maximum amount your insurance policy will pay to rebuild your home).

Insurance companies group certain kinds of things into categories. Some categories have a maximum amount that can be paid to replace all the items in the category. Within a few categories, there's also a maximum amount to be paid for any single item. To make sure all your stuff is adequately covered, you'll want to go over your policy's category and item limits with your agent.

Most of your things decrease in value over time. That purple leather sofa isn't worth anywhere near as much as you paid for it back in '92. When you purchase coverage for your personal property, choosing Actual Cash Value or Replacement Cost is one of the most important decisions you may need to make.

Your stuff is covered for what you might expect to get if you sold it at fair market value, possibly at a garage sale, on E-Bay (replacement cost minus depreciation).
May cover the cost of used replacements, not always new items. Premiums for Actual Cash Value Coverage typically cost less
Your stuff is covered for what it costs to buy again at the time of the claim.
Makes it easier to replace your things with new items
Premiums are typically higher for Replacement Cost Coverage

When you compare policies from different companies, look for a list of events that are covered when it comes to lost or damaged property. Each policy will detail exactly what kind of losses will be reimbursed and what you need to do after a loss.

Your stuff is covered for what it costs to buy again at the time of the claim.

• Makes it easier to replace your things with new items
• Premiums are typically higher for Replacement Cost Coverage

Condo Insurance is very different from Renters Insurance. There's more you need to protect than just your possessions.

Most condominium associations insure the building's structure and common areas, but each unit's interior construction is the responsibility of the homeowner. If your condo is destroyed, it may be up to you to replace drywall, flooring, cabinets, lighting fixtures and so on.

Also bear in mind that if you are found liable for damage to a common area - say your adorable new puppy rips up the Berber carpet in the lobby; you may be responsible for repairs.

To make sure you have the right policy coverage, be prepared to tell your Allstate agent what deductible amount your association's policy has.

Who's Responsible for What?

• Replacement Coverage
  Allows you to receive the full purchase price of lost items
• High Value Item Coverage
  Extend protection beyond your basic policy limits

• Multi-Line (Home + Auto) – Save up to 15% depending on the type of home and the state in which you live.
• Protective Devices – Save up to 15% depending on the combination of installed protective devices.
• 55 or older and retired – Save 10-25% depending on the type of home.

Also Consider Purchasing

This would pay for your share, up to your policy limits, when your association requires an assessment on all unit owners for certain covered losses.

Since a Condo Insurance Policy doesn't typically cover floods, find out if you're eligible for a National Flood Insurance Policy.