By MIKE WILLIAMS

While millions of Americans rent or lease a house, apartment, or manufactured home, studies indicate that fewer than 30 percent carry their own “renter’s” insurance for their personal property or liability protection.

Consider the following common questions on this important topic.

Question:Question: Doesn’t the landlord’s policy cover my personal property if something were to happen?

Answer: No. Generally, a landlord’s policy does not cover renter’s property, nor does it provide for any personal liability risks a tenant might face.

Question: Is renter’s insurance very expensive?

Answer: Typically, renter’s insurance is less than $200-$300 a year. The amount obviously will vary depending on the value of belongings insured. This amount is quite inexpensive when you consider the cost of replacing your belongings as the result of a fire, or the cost of defending yourself in a liability suit if you were charged with fault for someone’s injury.

Question: Should I purchase “depreciated” or “limited replacement” coverage?

Answer: That is up to you. Depreciated cost means property would be repaired/replaced at its aged and depreciated value. Limited replacement cost means that covered property will be valued, less deductible, at the cost to buy (replace) such property without counting depreciation. This type of coverage costs a bit more than depreciated cost coverage.

No one plans a fire, severe storm, theft, or similar catastrophe.

But if such should occur, the cost of insurance protection is only minimal when compared to the value of the property at risk.

MIKE WILLIAMS is a State Farm insurance agent with an office in LaPlace.