So youve decided to move to a new apartment.

Youve paid a security deposit, first and last months rent.

Your bank account may be screaming from the up-front outlay, but youre not done spending yet.

Its time to look into renters insurance.

Renters insurance isnt required by law, like car insurance is.

But check your leaseyour landlord may require it.

Before we get into the numbers, lets go over what renters insurance coversand what it doesnt.

Instead, you should consider insuring the items you have inside it.

But insurance goes beyond just covering your personal possessions.

It protects you from personal financial liability if someone gets hurt on the property you rent.

It sometimes covers damage you cause to someone elses property beyond your home.

Say youre out with your friend and you spill your drink on their laptop.

Or, it might cover you if youre walking your dog at the park and it bites someone.

Renters insurance covers plumbing issues, butdoesnt cover the kind of floodingthats sparked by hurricanes and heavy rainfall.

Comparison site ValuePenguin says theaverage cost of flood insuranceis $699 per year.

If you live in a particularly vulnerable state, your cost could be almost double that.

Another consideration can come up for renters with roommates: Your policy typically only coversyourpersonal belongings.

Be cautious before volunteering to put your roommates on your policy, however.

Dealing with roommates is stressful enough without worrying about how their actions could impact your insurance costs.

That report helps providers evaluate the risk of insuring you.

The average annualpremium for a renters insurance policy is $185, according to theInsurance Information Institute.

That rate can vary from state to state and even down to the ZIP code.

Personal property coverage typically starts at a value of about $30,000, Crowe explained.

Meanwhile, liability coverage typically starts at a value of $100,000 and can go up to $250,000.

But how much coverage doyouneed?

That might mean clothing, your cell phone or computer at the very least.

Could you afford to [hire an attorney] without insurance?

Inventory programs likeSortlyandEncirclecan help you catalog and photograph items in your home.

ensure the coverage youre considering covers the replacement value of your items, not the cash value.

There are two more factors that can increase your cost.

The first is any item thats particularly expensivesay, an engagement ring or pricy digital camera.

The other is dog ownership.

If youre just getting started, Crowe recommends checking customer review platforms first.

And dont forget about any extra safety features you have, like a security system or video doorbell.

Those can lower your rates, too.