Before you sign that lease on your next rental home or apartment, Buy Renter's Insurance!

Yes, a little known but very essential part of being a tenant is owning renter's or tenant's insurance. Some apartment complexes or property managers insist that you buy a renter's insurance policy...more for their protection than for yours (as always, they want to avoid liability). But doing it for your own protection is always a good idea.

Remember, the hazard/fire dwelling insurance the property owner carries to protect the building from insurable disasters will not cover any loss or damage to your personal property on the premises!

So you, as the tenant, will need to purchase insurance to cover any and all personal property items you bring with you when you move in. You should already have auto insurance; in addition, you need renter's or tenant's insurance to cover your TV, personal computer, dining room table, bedroom suite and whatever other personal valuables you own. You want to protect yourself from the theft or loss of these items!

This insurance is usually very affordable and not having it can be very costly. Where do you buy such insurance? Consulting the agent from whom you purchased your auto insurance would be a good place to start; if that agent does not write renter's insurance policies, ask for a referral to an agent who does.

Start by listing an inventory of all your personal belongings. This will be necessary to obtain the insurance. Making such a list, especially of the significantly valuable items, is just a good habit, generally speaking. Any expensive jewelry or family heirlooms should be stored in a safety deposit box or a safe, secure location.