Just because the landlord mows the yard, that doesn’t mean renters have no responsibilities. Having an adequate amount of insurance for a rented property is vital to replace belongings if they are damaged or stolen but also to protect occupants from potential lawsuits, says Pete Moraga, spokesperson for the Insurance Information Network of California, a nonprofit that provides media relations around property and casualty insurance.

And if you don’t think you have enough “stuff” to need insurance, what about that computer that you’re typing on? Do you have a flat screen TV or a home stereo system? How about the other electronic gadgets that dominate your life, everything from an MP3 player and a smartphone to GPS devices, gaming systems and computer peripherals? And then there are clothes, books, CDs, furniture and the myriad items that make a house a home, and believe me, you have enough stuff.

“The great thing about renters policies is that they are very affordable and can cost between $200 and $600,” Moraga says. Deductibles can be as little as $250, but you can save money by going with a higher deductible. Just remember that the first $250 (or $500, $1,000 or whatever your deductible is) will come out of your pocket, so make sure you’re comfortable with the deductible you choose.

You should make sure that any policy limits are adequate to cover your potential loss. Also determine whether potential policies offer actual cash value (ACV) for your stuff or replacement coverage. ACV will pay the depreciated cost of stolen or damaged items, while replacement coverage will pay for a new item of similar quality. That $1,500 flat screen may be only worth $500 now, so you’d be out of pocket the other $1,000 if you want to replace that television.

Policies often have limits on certain categories, such as jewelry, so if you have heirloom jewelry, antiques, rare books or fine art, make sure the policy includes those items.

Moraga also recommends taking an inventory of belongings to protect yourself in the event of a disaster. You can make a written list, a photographic list, or a video list, but be sure and put that information in a safe or a safety deposit box, along with any receipts you have saved. You also can store that information online using free software provided by the Insurance Information Institute.

Do you have dogs? Some landlords will require that you have insurance that includes the landlord as an additional policyholder should Rover bite the mailman in a common area.

And although most renters primarily want to protect their stuff, liability has become an increasing concern. Typical liability would pay for someone slipping and falling in your apartment, but it also could help protect you from a lawsuit regarding your Internet activities.

Are you a blogger? Do you Tweet? Moraga relates the story of a Chicago woman who wrote on Twitter about mold problems in her apartment who was promptly sued for $50,000 by the management company.
The woman had 20 followers, so don’t think it can’t happen to you. Many policies include libel coverage, but be sure to ask your agent.