This type of insurance will protect you in the long run. Insurance companies offer many benefits with this type of policy. The policy typically protects you from huge medical bills in the event that someone gets injured in your apartment. It also covers your personal property in case of a fire or theft. The most important thing to get when you move into a rent house or an apartment is a renters insurance policy.There are two types of renters insurance – Actual cash value and Replacement Cost. Under actual cash value, one can enjoy the coverage after reducing the maintenance cost incurred on the possessions or dwelling place, up to a limit which falls within the sum insured.Under replacement cost, one can enjoy the coverage without reducing the depreciation cost up to a limit which falls within the sum insured. Replacement cost coverage will cost you more in premiums, but it will also pay out more if you ever need to file a claim.To get started with a renters insurance policy, you simply need to make a list of the property that you want insured, along with serial numbers and any purchase receipts that you have. For items that you no longer have the receipts for, you will need to estimate the value for insurance purposes. Work with your insurance agent on getting together the information that they need to write the policy.