If your rented home or apartment is destroyed by fire, or all of your possessions are stolen by thieves, will be relieved that you are protected by Renters Insurance or left with few good options because you didn’t purchase it?

In Washington state, about 47 percent of all residents rent a home or apartment, according to the Insurance Information Institute. However, a 2015 III survey revealed that only 40 percent of renters in the U.S. have renters insurance.

That means nearly 60 percent of renters are at risk of financial hardship if they have a fire, suffer storm damage or are the victim of a burglary.

“Your landlord’s insurance covers the building, appliances, fixtures, cabinets and flooring, but it does not compensate you for the loss of your possessions,” said Kenton Brine, president of the NW Insurance Council. “A Renter’s policy also protects you if others are injured at your rented house or apartment — and it could pay your legal defense costs if you are taken to court.”

To protect yourself and your property, renters insurance is a very affordable option. In Washington, the average premium for renters insurance is $173 a year, according to the NW Insurance Council. For less than $15 per month, you can protect your possessions and yourself.

Renters insurance covers personal belongings like clothes, furniture, jewelry, computers, artwork, bikes, televisions, stereo equipment and accessories.

It also covers financial responsibility to other people injured at your home or elsewhere by you, a family member or your pet.

It will pay your living expenses if you are unable to stay in your home or apartment because of a fire or another covered loss. And most policies will reimburse you the difference between your additional living expenses and your normal living expenses.

It cover legal defense costs if you are taken to court and it will even cover personal property stolen from your vehicle, like textbooks, sports equipment, iPods or other sound equipment not permanently installed in your vehicle.

To help you determine how much renters insurance coverage to purchase, ask your insurance agent or company representative to help you evaluate the cost to replace your belongings. Also conduct a home inventory, documenting and taking video of each room, including cupboards and closets, and keep the inventory in a safe place offsite.

For more information about insurance, go to nwinsurance.org or call 800-664-4942.