Carolyn Bigda suggested in the Getting Started column of the Your Money section in Thursday’s Chicago Tribune that now is the time to consider renter’s insurance.

If your rent has declined, you may want to take the savings and buy renter’s insurance.

If you think the landlord’s policy covers tenant belongings, you’re mistaken. The landlord’s policy only covers the structure and walls. That’s it. The remainder of the insurance responsibilities are yours.

Your Belongings

If you don’t have enough in savings to cover the replacement cost of all of your items, then consider rent insurance. It generally covers damage to your belongings resulting from fire, smoke, theft and vandalism

You may not think your belongings are worth much and they may not be. But the way to look at it is to think about how much it would cost to replace them.  For example, what would it cost to buy a new wardrobe if your clothes smelled like smoke from a fire? What about your TV, computer, other electronics, the quesadilla maker, the blender, cookware—what if they’re all damaged and need to be replaced?

If you have valuable items like a mink coat or expensive jewelry, you can cover them for an additional charge via what’s called a rider to your policy.

Your Liability

This is an area where renter’s insurance can help with your peace of mind. What if a visitor slips and falls in your bathroom and decides to sue you for negligence? Renter’s insurance includes liability coverage. This will help protect you if you’re found liable for any injuries to anyone that occur on your premises.

The average renter’s insurance premium costs about $200 per year and is easy to get. It’s worth the investment.

Photo via it’s life.