If you don’t own the place you live in — whether you rent by yourself or have a house full of roommates — renters insurance offers protection in case you need it. It can provide added peace of mind in the event of an accident or natural disaster. But, even if your roommate or landlord has renters insurance, you’re not covered; you need your own policy. What is renters insurance? Let’s break it down.Can you imagine coming home after a long day only to discover that your apartment was destroyed by a fire that began in a neighboring unit? Because fires can often cause irreparable damage, you may lose many of your personal possessions. The good thing about a renters insurance policy is that it covers your personal possessions whether they’re damaged or lost. If you lose most of your possessions, a renters insurance policy would be beneficial.After an unexpected accident or natural disaster like a flood, hurricane or tornado, your home may be unlivable and you may have to find a new apartment until yours can be repaired. Renters insurance can help with that, too. That’s just another one of the many benefits of renters insurance: It includes displacement coverage. But, keep in mind, you are only covered under your own policy, not your roommate’s or landlord’s.Do I need renters insurance?You may be thinking that you don’t have a lot of stuff, or that it wouldn’t be too expensive to replace what you do have. So, do I need renters insurance? If you don’t own the place you live in, then yes, and here’s why you need renters insurance. If something were to happen, the cost of those individual items can really add up. Take a quick look around your home. How much would it cost to buy all new furniture, electronics and other items? The fact is, the cost to replace lost possessions typically falls between $15,000 and $35,000, which is more than most people expect.Additional Benefits of Renters InsuranceRenters insurance protects you in other situations, too. It helps cover things like medical bills for a friend or guest who slips and falls on a small puddle of water in your kitchen. It helps cover damages for charring a neighbor’s balcony if you get distracted while grilling.Altogether, that’s a lot of coverage! Renters insurance can provide protection for your personal possessions, possible displacement and liability for your home. So whether you’re affected by a fire, water damage or flooding in your kitchen from a leaky roof damaged in a windstorm, renters insurance is a small price to pay for the peace of mind that comes with it. Contact your insurer to get the renters insurance coverage you need to be protected. Coverage is subject to the provisions, exclusions and limits of the actual policy.