(MS) — It’s important to safeguard your belongings in a rental situation. Oftentimes renters mistakenly forego financial protection and are then left high and dry in the event of a burglary, flood or fire.

Laptops, MP3 players, global positioning systems, jewelry, and cell phones are at the top of the list for would-be thieves. Furniture and clothing also are expensive to replace.

According to MetLife Auto & Home, the average person is estimated to have $20,000 in possessions.

In a rental property, individuals such as a superintendent or landlord may have access to your home, as may hired contractors. It’s important to protect all of your belongings so you don’t have to pay out of pocket if something is taken or damaged.

Renting an apartment is not like living in a college dorm or in a private residence, where belongings are typically covered by a homeowners insurance policy.

Landlord’s insurance only protects the actual property — not your valuables or the cost of temporary housing — and it doesn’t protect you in case of a lawsuit.

You should investigate rental insurance, which is something that, despite the warnings, 80 percent of college and other renters do not do, according to research.

“For a few hundred dollars a year or less, you can purchase a solid renter’s policy that covers protection for your valuables — up to $75,000 — as well as protection against personal liability,” says Mario Morales, an underwriting manager at MetLife Auto & Home. “Imagine experiencing a fire or other disaster in your apartment, and having to replace all your valuables not to mention all the furniture, pots, pans, dishes, and other necessities at your own expense.”

When safeguarding your apartment and choosing a rental insurance policy, consider these important tips, courtesy of MetLife:

— Ask whether the renters coverage pays actual cash value or replacement cost. With “actual cash value,” your coverage will pay only for what your property was worth at the time it was damaged or stolen, due to depreciation. “Replacement cost” coverage will replace the item at current prices.

— Take advantage of a discount for multiple policies. Often insurance companies provide a discount when a person has multiple policies, such as renter’s insurance, car insurance, or life insurance.

— Add extra protection for unique items with special value. For expensive items such as jewelry, furs, fine arts, sterling silver flatware, antiques, and other collectibles, renters should add an “endorsement,” which provides additional protection above the monetary limits of a traditional policy.

— Keep track of possessions with a personal property inventory to help when filing claims and keep a copy in a safe place outside the apartment.