Renter's

If you rent your living space in a residential property, you will want to at least obtain a renter’s insurance policy, which will reimburse you for your possessions if they are lost, stolen or damaged by fire or other calamity. Some policies provide both liability and property coverage, while others might cover the cost of temporary shelter if an emergency forces you to leave your space.

As with home owner’s insurance, your policy might be voided if you are running a business out of your space. Because many policies have caps placed on the reimbursement amount of some items, you might need to get an additional policy or rider to insure expensive art equipment and/or art work. Check your policy to see if your artwork and/or equipment are covered outside of the space, to what extent, and under what conditions.

Renters insurance policies vary, depending on the amount of coverage you have and location of the apartment. However, policies can be obtained for a little as $20 per month.