As of the spring, 2008 millions of houses are in foreclosure and millions of people are being forced out of their houses and into the rental market. Many may never have rented a home or have done so long ago. Many are going to make some fundamental mistakes that will cost them dearly. Here's a tip that may prevent you from becoming one of them.

When renting a house, condo, townhouse or apartment you are going to need to buy renters insurance. Many people think that the owner has the rental unit insured and that insurance will benefit the renter. This is not the case. The owner will have the structure insured. The contents of the rental unit will belong, most likely, to you and the contents will not be protected by the landlord's insurance.

Renter's insurance will provide you protection for the contents of the rental that belong to you. If the event of fire, windstorm or other damage that results in partial or total losses to your furniture and other personal belonging, renter's insurance can compensate you for the loss. Generally speaking renter's insurance isn't real expensive. What is expensive is the price of being without it in the event that you really need protection.