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Don't Neglect Renter's Insurance

Here are a few important, little-known facts about renter's insurance:

If you have an unrelated roommate and you get renter's insurance, your roommate isn't likely to be covered. Standard policies cover relatives living with you, but that's it.

Don't assume that your policy covers everything. Read the details. For example, most standard policies don't cover earthquake damage. So, if earthquakes are a real threat to you, ask about additional earthquake coverage.

You might be able to save money by getting renter's insurance from the company that insures your car. Insurers often offer discounts for multiple-policy holders.

You might also pay a lower rate if your rental property has a burglar alarm, sprinkler system, fire alarm, or smoke detectors.