Apartments fill; more need renters' insurance

The population of renters across the country is growing, edged up in part by a slumping housing market.

Yet as graduates and others enter the work force and set up their first apartments, renters' insurance probably isn't a burning issue. It's often only after a robbery that a policy suddenly seems like a no-brainer.

LOW COST: Renters' insurance typically costs less than $200 a year for about $30,000 in coverage and generally includes items stolen from your car. Perhaps more importantly, most policies from major underwriters such as Allstate and State Farm include $100,000 or more in personal liability coverage. So if someone slips and falls on your property, you've got protection.

TAKE INVENTORY: Having a written record of your belongings is a good safety measure, particularly if you own a number of expensive items. Without that proof, agents may ask neighbors or friends to confirm that you really did own a $5,000 painting or rare vintage guitar.

A written list with photographs should do the trick. Even better: Do a room-by-room video inventory of your home.

INCREASING AWARENESS: Even though awareness of renters' insurance is low, there are some signs that it's starting to grow as more families and higher income households are renting, said David Funk, director of Cornell University's program on real estate. "They have mindsets like homeowners, and understand the need for it," he said.

Another reason is that people of all ages now own smart phones, iPods and laptops, which can cost a bundle to replace. Such electronic gear is more likely to be stolen in an apartment complex or car parked on the street than in a home. At Allstate, theft accounts for more than 30 percent of claims on renters insurance policies, according to Jeff Moree, a company spokesman.