Do any of these sound familiar:

• You come home from work to discover a water pipe has burst and your computer and living room furniture are now sitting in 3 inches of water.
• You go away for the weekend and come home to find a window broken and that your home has been robbed.
• You have a party and one of your guests slips on the balcony and breaks his/her leg.
• An electrical short in your building causes a fire that burns down your entire complex, taking with it all of your worldly possessions.

Hopefully none of the above is even remotely familiar to you but, while we may not want to think about them, they can happen at any time. The best way to protect yourself when someone stealing your home entertainment system breaks their leg while setting your apartment on fire to cover their tracks? Renters insurance.

Renters insurance will protect you and your personal belongings from loss and will also protect you from what could be substantial legal and medical bills should someone be injured in your apartment.

But what about your landlord's insurance policy, you ask? As Fredo is to Michael -- you're nothing to them. Your landlord's insurance covers his/her losses in a situation where the building is destroyed or damaged in some way. Your landlord is covered in case someone (including a tenant) is injured on the property, though not in your apartment. As soon as they cross the doorway into your home, that's where his/her liability ends and yours begins.

You're also not covered if your roommate has renters insurance, as your roommate?s policy only covers his/her possessions, unless you are specifically listed on their policy. It is recommended that roommates get a single policy to cover all tenants and possessions in the apartment. It makes things easier in case the unexpected does occur.

And renters insurance is easy to get. If you have a car, talk to your auto insurance agent. If not, ask around. Co-workers and friends are bound to have an opinion and most have insurance agents for something. While renters insurance isn't expensive (most policies cost around a couple hundred dollars a year), definitely shop around for the best rate and coverage that fits your needs and lifestyle.