Does your renters insurance move with you?

Just as homeowners pay for policies that cover their belongings if something should happen to their home, renters also need to protect their property with insurance. Some rental contracts may require you to obtain rental insurance as part of your apartment lease - and with good reason. Rental insurance can help cover your losses if your property is stolen or damaged in a disaster.

If you rent your home and don't already have renters insurance, you should consider getting it. In most cases, you can't count on your landlord's insurance to cover your losses if your home and belongings are damaged by fire or flood, or your home is burglarized.

One of the most compelling questions tenants often ask about renters insurance is, does the insurance move when you do? After all, one advantage of tenancy is greater mobility. You would like to know that the protection you pay for will continue when you move into a new place.

Your renters insurance policy usually moves with you - if you sign up for the right kind of coverage. Renters insurance covers your belongings, and not a specific building. This means you won't have the hassle of finding new insurance every time you relocate to a new rental. The best way to ensure your coverage will relocate to another apartment is to consult with an insurance agent.

Fortunately, renters insurance is typically one of the most cost-effective types of insurance you can buy. Basic policies can usually be had for as little as $5 per week to protect your belongings from theft, vandalism and most types of damage. It's possible to reduce costs even further; some insurance companies may offer discounts to renters who install smoke alarms and fire extinguishers.

Even if you think you have little of value to ensure, imagine how much it would cost to replace basics - from clothing to cooking utensils - if you were to lose everything in an apartment fire? Renters insurance is a good investment - one that can easily move with you when you need it to.