What you need to know: Searching for renters insurance

Renters insurance is a small investment that can have a huge payoff. We spoke to one insurance agent who says that the costs can be as little as $5-$10 a month, but offer tens of thousands of dollars of protection for you and your items. Some policies can even pay off medical bills if someone becomes hurt in your apartment. Though the prices vary from person to person, insurance agent Michele Meeks with State Farm says replacing just one room can run you as much as $17,000.