Even if you don’t own a home, the value of your belongings in an apartment or rental home can add up quickly and be expensive to replace. Renters insurance offers coverage against losses from theft, fire, tornado, or other catastrophe. These policies also provide liability coverage to help cover legal costs if you’re sued because someone is injured at your residence.

Renters policies may be more affordable than you think: For about $350 a year, you may be able to get $20,000 to $30,000 in contents coverage and $100,000 to $300,000 in liability coverage. You can reduce your premiums by raising your deductible from $250 to $500 or $1,000; just make sure to keep enough money in your emergency fund so you can cover the deductible if you have a claim.

When shopping around for renters insurance, start by contacting your car insurance company (if you own a car) — you may get a 10% to 20% discount on both policies. You can also get price quotes on many insurers’ websites (some also have calculators to help you estimate how much coverage you really need) or find an independent insurance agent at www.trustedchoice.com.

To learn more, see the renters insurance brochure at the Insurance Information Institute at www.iii.org/article/renters-insurance.