We know what you’re thinking. I can’t afford to buy tenant insurance. I’m already paying rent and have enough expenses to cover each month. But how much do you think it would cost to replace all the items in your apartment in the event of a fire or water damage? Let’s do a little math…

All in all, you likely have at least $13,000 worth of stuff that you’ll have to replace if it’s destroyed in a fire or flood. Without tenant insurance, not only will you need to find a new apartment and pay for a place to stay in the meantime, but you’ll likely need to replace that $1,600 laptop and $1,000 mattress yourself, too.

Paying a small monthly premium to protect your belongings could potentially save you thousands in the future. Most renters pay between $250 to $350 each year for tenant insurance — which breaks down to $20 to $30 a month. Compared to $13,000 to replace all your belongings, tenant insurance really is worth the price tag.

Tenant insurance may seem like a monthly expense you can do without, but it can save you a lot of money if your belongings are destroyed — especially when an average apartment contains $13,000 worth of items.

Tenant insurance has you covered when it matters most — and it protects a lot more than your stuff. Learn about some of the other ways tenant insurance can protect you or talk to your broker to find out more.