(BPT) - Renting your home? You're not alone. According to Pew Research, more than 44 million households in the U.S. were rented in 2024 - that's more than one-third of all homes. And the number keeps growing.

With renting on the rise, it's never been more important to think about protecting what's inside your home. That's where renters insurance comes in. Many people mistakenly believe their landlord's insurance covers them, but that's only true for the building - not your belongings.

Mercury Insurance wants renters to know they have options - and that coverage is often more affordable than people think. Renters insurance can help replace your things after theft, fire or other disasters, and even offer liability protection if someone gets hurt in your unit.

"Renters insurance can offer peace of mind when it comes to such things as protection of your personal property and finances," said Adam Bakonis, Senior Product Manager State for Mercury Insurance. "Some consumers don't think about renters insurance until they are in a situation in which they need it, so it pays to do some research prior to moving into a rental property so that you are prepared for the unexpected."

Here are some of the benefits of having renters insurance:

• Protection of Personal Property: Renters insurance helps cover the cost of repairing or replacing your belongings - such as furniture, clothing and electronics - if they are damaged or stolen due to covered perils like fire, theft, vandalism and water damage from burst pipes. Your belongings can be covered even if the loss occurs outside your rental unit, such as in a storage unit or while traveling. You may have the option of choosing between replacement cost value (RCV) or actual cash value (ACV) coverage for your belongings. Replacement cost coverage is recommended since it will pay to repair or replace damaged items with items of a similar type and quality at current prices without deducting for depreciation in the final payment amount.
• Liability Protection: This coverage can protect you financially if someone is injured in your rental home, or if you accidentally damage someone else's property, including their rental unit. For instance, if a guest slips and falls in your apartment and requires medical attention, or if your child accidentally breaks a neighbor's window, your renters insurance can help cover the costs of their medical bills or property damage, as well as legal fees if you are sued.
• Additional Living Expenses (Loss of Use): If your rental property becomes uninhabitable due to a covered loss (like a fire or extensive damage), renters insurance can help cover the increased cost of temporary living expenses, such as hotel stays, meals and other related expenses to maintain your normal standard of living while your place is being repaired or rebuilt or until you permanently relocate.
• Affordability: Renters insurance is generally inexpensive, with the average cost often being around $15 to $30 per month, depending on location and coverage limits. According to NerdWallet, the average cost of renters insurance in the U.S. is $148 per year, or about $12 per month.
• Medical Payments: Some policies include guest medical coverage, which can pay for reasonable medical expenses (like X-rays or ambulance rides) if a guest is injured at your rental, even if you are not at fault.
• Pet Liability: If your pet causes damage or injury to another person or their property, renters insurance may help cover the costs. NOTE: While this falls under general liability coverage, it is relatively common for liability losses and merits a separate mention.

"It's often said that it's better to have something and not need it than the other way around - and that's especially true for renters insurance," added Bakonis.