People who rent the place in which they live put at risk their life as well as their personal property. For those of you who do not know, your personal property is everything except Real Estate.

There are two types of personal property. One type is known as intangible personal property. That being, cash, bonds, stocks and other financial instruments. The other type is known as tangible personal property. That being, furniture, household goods, clothes, collectibles, appliances, computers and whatever else you own that cannot be easily converted to cash.

As time passes many people acquire and currently own a whole lot of such personal property. Therefore, it is wise to insure that property against some or many kinds of losses.

One kind of loss is a result of a fire that could very well burn down the building in which you are renting. A water pipe could break, causing a flood within your own rented space. Various kinds of molds could easily destroy the appearance of your furniture, as well as possibly causing serious health problems. Then again, rats and/or insects could easily damage many different items of your personal property.

You should know that the owner of the building in which you rent an apartment, or the entire house, might not have any kind of insurance that will cover losses to the physical structure, its fixtures and/or pay the cost in regard to any injury that might happen to you while you are within the legal boundaries of said property.

In such a case you will have to sue the owner for your loss of value to your personal property and/or injury. Can you wait four or more years in which to recover some or all of your loss? That is, if you are still alive.

The purchase of renter’s insurance, for a stated limit of your loss, is the best way to protect the value of your personal property that is contained within a building that you merely rent. In most cases, the owner of the property will have liability insurance to protect himself or herself from loss due to the injury or death of a tenant or any other person who might be on the property.

On the other hand, your personal property is not insured and without renter’s insurance there is no quick way to replace most, if not all, of what was lost. In most cases, for less than a hundred dollars a year you can protect yourself against the sudden loss of all that you own and receive some compensation from the insurance company that issued the policy to you. How much can you afford to lose and never recover?

Bad things happen to every person who is alive on Earth, as a result of the many different things that can easily go wrong and/or cause harm to each person and their property. An insurance company cannot bring you back to life but it can ease the mental anguish associated with the loss of your home, your vehicle and those other things that you own.

So too, such insurance will even pay a portion or all of your medical expenses, should you be injured within a rented residence. Yes, a renter’s insurance policy can include other types of losses as well.