While your landlord’s insurance likely covers the physical dwelling where you live, it can be up to you to protect your personal property, such as your clothes, electronics and furniture. In addition, renters may spend considerable time and money on alterations or improving their rental unit. Under a renters policy, you may apply up to 10% of your personal property coverage to repair or replace improvements made by you or acquired at your expense if damaged by a covered loss. Higher amounts of coverage are available.

When you purchase multiple policies or have a home security system, you may be able to save money on your renters insurance policy. You can also opt for a higher deductible policy. By doing so, you may have to pay more upfront before your insurance policy pays a claim if your covered possessions are lost, damaged or stolen. But typically, choosing a higher deductible means your monthly premiums will be lower.