The terms of contents coverage vary widely depending on the insurer, but usually you can get coverage for any of your belongings. Standard renters policies protect your possessions from damage caused by fire, broken water pipes, leaky roofs and theft. Earthquake coverage is extra, too. Landlords' flood and earthquake policies don't cover their tenants' contents, said Stephanie Macadaan, a spokeswoman for the Insurance Information Network. Price varies widely, depending on the amount of coverage, deductibles, coverage limits, where you live and other factors.
Experts advise shopping around.
But it's only a starting point. Tenants still need to call insurance companies to get exact quotes for the coverage they need. Cash value coverage takes into account the age and condition of the item at the time of the loss. Replacement value coverage, which usually costs more, pays to replace the item new today. Many in the industry acknowledge that they have something to gain financially from the requirement.