Your child was playing with matches and caused a fire in your apartment. Who pays for the damage to your furniture, possessions and the building?

Renter's insurance would cover some, if not all of your liability. But without renter's insurance, you could have to pay out of pocket for the entire loss.

Military members renting a house or apartment off-base should strongly consider investing in renter's insurance. Landlords may have insurance, however, this only covers the building and not your possessions or any damage you or your family caused to the building. In the event of a fire or burglary, you may have to spend thousands of dollars to replace your damaged, destroyed or stolen personal property. Since the average cost of replacing the furnishings in a one-bedroom apartment is between $35,000 and $40,000, renter's insurance is a wise investment, especially considering coverage usually only costs about $15 to $40 per month.

For those members living in privatized housing on Bolling, each resident is currently covered under a renter's insurance policy for $20,000 in damages and $100,000 in liability by Great American Insurance.

Renter's insurance typically covers your personal possessions in the event of a theft, fire or other specified disaster. It will also cover your liability for the damage or destruction you or your family cause to your landlord's building. Tenants are liable for their own actions, the actions of their family members and guests. Tenants are also liable to their guests.

For example, if a guest trips in your apartment and injures himself, you may be responsible for paying his hospital bills. Renter's insurance may cover part or all of your liability in this instance.

Before buying renter's insurance, you should take a complete inventory of your personal property. Make an itemized list of all the things you own and include a description of the item, the date of purchase, the estimated purchase value, current value, serial numbers and receipts. Also, make a record of your possessions with photos or videotape. Keep the inventory and records in a bank safe deposit box or a watertight, fireproof safe.

For backup, you might also want to make copies and give them to relatives or friends. You can also sign up with an online document-storage service. After taking inventory, use it to determine how much coverage you should purchase. You can use it later to establish proof of ownership and determine an item's value in the event of loss or damage to your items.

You've now decided to purchase renter's insurance. Where do you get it? You can contact your automobile insurance carrier or a local insurance agent. Shop around and ask questions before purchasing renter's insurance because policies vary greatly.

What to look for and what to ask for:

· Standard insurance policies for renters don't cover certain types of losses. Ask your insurance agent what natural disasters or perils are covered and how much extra it will cost to cover those natural disasters (earthquakes, floods, etc.) not included in the basic policy.

· Some possessions (jewelry, computers, silverware, collectible art, etc.) are subject to limited coverage or aren't covered by the basic policy. Ask your insurance agent about the different category limits. Consider purchasing personal property “riders“ or “floaters“ to provide additional coverage for your more expensive items as these items may not be covered by a standard policy.

· Your renter's insurance policy can insure your personal property for either (1) the cash value of the items, which covers the depreciation cost of the items at the time of its loss or damage, or (2) the replacement value of the items, which covers the cost of replacing the items today. Replacement value will cost you more in premiums. However, it will pay out more if you submit a claim.

· Similar to auto insurance, renter's insurance companies offer different deductibles. The lower the deductible, the more the policy will cost. Ask your agent how much the policy covers with respect to property coverage and liability coverage.

· Ask your agent whether there are territorial limits to the policy. A policy without these restrictions may also cover your personal property if you move or travel.

· Some companies offer discounts if you have other insurance policies with them. Also, you may receive a discount if your apartment has certain security measures in place, such as deadbolts, smoke detectors or a security system. You may be eligible for discounts if you don't smoke or if you are in a certain age group. Ask your insurance agent what discounts she offers and if you qualify for any of them.

· Read your renter's insurance policy before you sign it. You do not want to wait until you submit a claim to find out certain possessions and⁄or perils were not covered by your policy.

Purchasing renter's insurance is a smart decision because it's affordable and can protect you in the event of a catastrophe. Dealing with a theft or natural disaster can be an emotional and frustrating experience. You don't need the added stress of trying to figure out how you will be able to afford to replace your personal possessions during such an event. Renter's insurance can ease this burden and give you peace of mind.

If you have any questions about your renter's insurance policy, you can contact the legal office at 202-767-5297 for a legal assistance appointment.

For more information regarding specific policy provisions of renter's insurance in Bolling's privatized housing, coverage information is provided directly in your lease. You can also call Great American Insurance at 866-516-1968.