When you're a renter, you may not have to worry about the costs of repairing damage to your house or apartment in the event of a fire or natural disaster. But the average renter owns more than $30,000 in possessions, items that are not typically covered by the property owner's insurance. Purchasing renter's insurance protects personal property, and also provides coverage for additional living expenses, family liability protection and guest medical protection.

But what exactly is involved in renter's insurance, and how much coverage do you need? In this video, Allstate answers these questions in terms that are easy to understand. 

Four common situations typically covered by renter's insurance are theft, fire and smoke damage, vandalism and water damage. If your residence is too damaged to live in, Additional Living Expense coverage reimburses you for the cost of hotel, food and other expenses. Allstate offers additional coverage to further protect your possessions and your bank account, like identity theft restoration and extended protection for jewelry, watches and furs. Renter's insurance costs as little as $4 a month when added to an auto insurance policy. 

For more information, including step-by-step instructions about what to do in case your belongings are stolen or damaged, ask your Allstate agent, or find one at Allstate.com.