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A close friend recently lost all but the shirt on his back when his Las Vegas apartment caught fire. Thankfully, no one was hurt, but he ended up with a nasty, soggy mess once the smoke cleared. Worst part, my music addict friend, was devastated to discover his prized stereo was nothing more than a blackened mass of twisted metal and molten plastic. Unfortunately my friend had to replace it all from his own pocket...OUCH... That's why you must discover how you can avoid a big a hole in your pocket if any unforseen accident occurs during your apartment rental.

If you're already looking for an apartment, you should consider renters' insurance. When you rent a living space, whether you rent from a home owner, a property manager, or even a university, it's a good idea to purchase renters insurance, which can cover damage to or loss of your personal property.

The main reason to get renters insurance is protection. If you have valuable items, you're responsible for them. Most landlords insure the physical apartment against damage caused by fire, hail, and vandalism. Their insurance policies, however, will not cover any damage to your personal properties. Landlord's insurance policies don't cover your properties, nor does their insurance protect your belongings against any accidents or damage caused by other tenants.

Renter's insurance also protects you against liability lawsuits or medical bills for people who were injured while in your apartment.

One of the first things to be aware of, some landlords require you to purchase renters insurance before you are allowed to move in. When you check the terms of your lease, look to see whether or not renters insurance is required.

You should investigate the various different types of renters insurance available and any particular stipulations on your renter's lease that might have some impact on the type of coverage you need. Many types of loss are covered by insurance. The types or any additional clauses of the available insurance programs depend on who is supplying the insurance.

In the event that there is some damage to your property, you receive one of two types of payments to cover the damage. Once your claim is filed and cleared, you receive either actual cash value or replacement cost coverage.

As the name suggests, actual cash value is the type of insurance coverage that pays an amount of money that's equal to the current cost of whatever items of yours have been damaged minus the depreciated value. Depreciated value means the monetary value lost over time.

Replacement cost is the type of coverage for which you are paid whatever amount of money it would cost to replace your lost or damaged property. According to this type of program, you only get money when you choose to replace any lost or damaged items. Potential disadvantages of this type of coverage is the limit to how much money you can receive when you make a claim, plus, you generally have to pay higher premiums to get the insurance in the process.

At the end of the day, getting renter's insurance has a lot of advantages if you have a lot of valuable possessions or if you are planning on renting long-term. In downtown Las Vegas, you are hardly looking at one of the worse crime areas on the map but you should definitely think about preparing for all eventualities when you decide to rent, including destruction to or loss of property