2torial #0641:
Learn2 Buy Renter's Insurance

Home is where the insurance policy is

If a fire, burglary, or other dire event happens at your condo or rented abode, your landlord or building association's insurance policy could leave you out in the cold. That policy usually covers the structure and public areas of the building, but excludes its contents--that is, your stuff.

Fortunately, renters and condo owners can buy a version of home owner's insurance called renter's or tenant's insurance. It covers the contents of your home against damage and theft and limits your liability if a visitor gets hurt on the premises--and it's usually quite affordable. With a little research and a modest cash outlay, you can protect yourself against financial catastrophe.

In addition to the inventory of possessions described in Step 2, you'll need to be armed with some information before you go shopping for insurance. Research the following:

• Year your building was built and number of units in it

• Last time the plumbing and wiring were updated

• Whether you have a fuse box or a circuit breaker

• Presence of deadbolts and security systems

• Presence of smoke detectors and fire extinguishers