Posted by Elisabeth Leamy, Sat Mar 09 2013, 02:45AM

Most responsible people wouldn't think of driving a car without car insurance, but many of those same people rent a home without renter's insurance

Most responsible people wouldn't think of driving a car without car insurance, but many of those same people rent a home without renter's insurance. A new survey commissioned by InsuranceQuotes.com found only 34 percent of American renters have renter's insurance. Granted, the survey was conducted by a company that wants people to have renter's insurance, but I want you to have it too!

Recently my friend Cindy --last name withheld to protect the ignorant, I mean innocent!-- was burglarized. Separated from her husband, Cindy has been renting a house for herself and her 9-year-old son. The thieves made off with thousands of dollars worth of Cindy's jewelry and her son's electronics --even his allowance. The feeling of violation is bad enough, but Cindy has no recourse -- zero, zip-- because she had no renter's insurance.
It's a crying shame (and she has cried --a lot) because the average renter's policy costs just $185 a year, according to the National Association of Insurance Commissioners. Such a bargain for the peace of mind that all your worldly belongings are protected. So why don't more people get renter's insurance? The InsuraceQuotes.com survey found 60 percent believed renter's insurance must cost $250 a year or more and 21 percent guessed it would cost a painful $1,000 or more!

"Renter's insurance is a lot more affordable than most people think," said Laura Adams, senior insurance analyst for InsuranceQuotes.com. "Most renters don't realize that their landlord's insurance usually only covers the structure and not the renter's belongings."
That's right, your landlord's insurance is dead to you. No use at all. And yet for $15 a month or so, renters can be protected from theft, fire, water damage and more. Many renter's policies even include replacement housing if you have to live somewhere else while your place is fixed. As with homeowner's insurance policies, flood and earthquake coverage are not included. And you'll have to pay extra to insure valuables like pricy jewelry and expensive electronics.

If this is a wake up call to you or someone you know, here are the steps to take:
1. Shop around for a renter's insurance policy. Prices do vary from one company to another.
2. Purchase car insurance and renter's insurance from the same company and you could get a discount.
3. Be generous when you calculate the value of your belongings. Renter's insurance is so inexpensive that it's better to have too much than not enough.
4. Ask the insurance agent whether you need extra coverage, called a "rider" for jewelry, electronics or other valuables.
5. Figure out if you also need flood or earthquake insurance, based on where you live.