If you rent a home, townhouse, or apartment, your possessions are just as precious to you as any homeowner’s. They deserve protection against fire, theft, and other common perils. Fortunately for renters, this protection can be surprisingly inexpensive.

First question: Do you need to insure your belongings? You can answer that in 10 minutes by adding up the approximate value of your major personal possessions—your furniture, drapes, carpeting, TV and other appliances, clothing (don’t forget all those shoes!), sports equipment, cameras, tapes, and books, jewelry, and whatever else you own and cherish.