Many renters assume insurance is only for people who own a home, or that their landlord's policy will compensate them for damages to their personal property in the event of a destructive storm or fire. Unfortunately, these misconceptions leave many people vulnerable to significant losses, and they often discover this fact only when it's too late.

Renters insurance is a simple process, and the peace of mind it provides is well worth the small expense. Below are just a few reasons every renter should invest in a solid insurance policy:

• Property Protection: How much would it cost to replace everything you own if you lost it all? Once you factor in everything from electronics to furniture and clothing, the total could amount to tens of thousands of dollars. Fortunately, a renter's insurance policy can cover the cost to replace items due to a variety of threats, including everything from fire to water damage caused by broken pipes, depending on the coverage you choose..

• Liability Protection: If a visitor is injured in your apartment or rental house, you could be held responsible for their damages if you contributed to the conditions that caused their accident. A standard renter's insurance policy includes liability protection that will pay for these claims, as well as those resulting from incidents in which a member of your family accidentally hurts someone else.

• Affordability: Though the protections provided by renter's insurance are expansive, the premiums are surprisingly affordable. Most tenants can obtain all the coverage they need for just a few hundred dollars per year, even if they decide to purchase additional insurance for high-value items.

Since 1986, Dunlap Agency, Inc. in Fairbanks, AK, has provided every client with an insurance policy perfectly tailored to their needs. They offer exceptional renters insurance plans that will protect your interests. Learn more about their products on their website and call (907) 456-5202 to request a quote and make an appointment with an insurance agency professional.