Two-thirds of renters don’t have renters insurance. But if there’s a fire, a robbery or a burst pipe it may be the only way you’ll recoup what you lose. And for those worried about the cost of paying for renter’s insurance, it’s important to keep in mind that policies often cover more than just what’s inside your home at the time of loss. For instance, according to the Detroit News, if your laptop is stolen out of your car, the computer may be covered under your policy. Or if a broken pipe damages your neighbor’s ceiling below those repairs could also be covered.

Rose Lichter-March, 28, learned the hard way that renter’s insurance is more of a necessity than a bonus. A fire in another apartment left her stuff smelling like smoke and cleaning cost her thousands. “They would have put me up in a hotel, paid for my cleaning and moving fees and even the broker’s fee for a new place,” Lichter-Marck told the Detroit News.

So just how much can you expect to pay for a policy? About the cost of one large pizza a month say experts. Most people don’t think their belongings are worth insuring, but experts say that’s not true. “If something were to happen, it’s going to cost a lot more than people imagine to replace dishes, computers, a big-screen TV, clothing,” Ben Rabinowitz, an agent with Allstate Insurance Co. in Pikesville, Md., told the Detroit News. “It begins to really add up.”

According to the US Fire Administration, residential fires are more common during the winter months than any other time of year. That’s because there is an increase in cooking and heating fires. Plus many people turn to space heaters to save money which lead to fires if used improperly. According to a news release from RenterInsurance.net, typically 16 causes of destruction are covered by rental insurance including:

• Fire or Lightning
• Windstorm or hail
• Explosion
• Riot or Civil Commotion
• Aircraft damages
• Vehicle damages
• Smoke
• Vandalism
• Malicious mischief
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice or snow or sleet

Why is renters insurance important? For many renters, this type of insurance coverage is neglected even though they do provide valuable protections for the renter’s apartment or house. In some cases, it not willful neglect that is the problem, but just a simple oversight. It is not offered or mentioned by the landlord or property owner, so the renter remains uninsured. What sorts of protections are provided by renters insurance? The main element of protection is for the renter’s personal possessions against damage or theft. In this way, it functions like homeowners insurance. Those who are not familiar with renters insurance should find out whether there are insurance agencies that offer renters insurance policies.