• Policies usually start around $100 a year. Not a month. Not a quarter. A YEAR!

• It covers your personal property in circumstances like theft, fires, natural disasters, and more. Obviously there are exceptions and exclusions, but, in general, your stuff is covered when the crap hits the fan.

• Policies cover “replacement equivalents.” Meaning, if you have grandma’s big ol’ tube TV and it goes, you get the equivalent of what’s new – so you’re gettin’ a flatscreen, baby.

• If your apartment has a fire, not only does it cover your “stuff,” but also where you will live for the immediate future. And even if your place doesn’t burn and it’s a neighbor’s place, you might have to be gone, too. In either case, it covers hotel/motel costs for those circumstances.

• If someone visits and they get injured, your policy may cover medical payments and liability in case they want to sue you. (Again, with limitations.)

• It is basically a homeowners policy for renters. And homeowners policies often come with longevity discounts (so the longer you’re with a company, the cheaper it gets). In some cases the years you have renter’s insurance can count toward longevity discounts if you become a homeowner and stay with that insurance company.