If you live in an apartment you are playing roulette by not having renters insurance. Here are a few things you might not know about renter’s insurance:

1. It Covers Displacement In the event that damages are severe enough to require you to leave your home, most renters insurance policies will reimburse you for the hotel bills and restaurant receipts. This can be a huge stress reliever in an already stressful time.

2. It Covers Theft of Items Inside & Outside of Your Home Almost like personal property insurance, renters insurance will replace items that are stolen inside and outside of your home such as bikes, luggage, laptops, etc. AND it will cover the item (-s) regardless of where the theft transpired. That means if your backpack was stolen in Hong Kong you can file a renter’s insurance claim to have it and the contents replaced. IF someone breaks into your apartment and steals your laptop and any other items of notable value, you’re covered.

3. It’s Inexpensive Renters insurance is pretty inexpensive. You can shop and compare policy rates according to your address at PolicyGenius. Most renters insurance policies range from $15-$25 a month. They also have relatively low deductibles. One claim could easily justify years of renters insurance.

4. It Offers Liability Protection If someone is visiting your apartment and has an accident of some sort that requires medical attention and they decide to sue you, renter’s insurance will cover the bill up to a certain amount.

5. Renters Insurance Covers You, Not the Unit This means that if you have a roommate or significant other that is living with you but not on the policy, their belongings won’t be covered should the need to file a claim arise. If you already have a policy call your insurance company and check to see who is covered by the policy and for items. If you are uninsured and feel bad, don’t.