If you rent your house or apartment, did you know there's a layer of security to protect your valuables?

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If you answered "no," then you are in the majority. In fact, just 35 percent of renters have renters insurance, while 65 percent do not.

But why is that? Experts believe there are misconceptions about it while others don't even know it exists.

When Superstorm Sandy came crashing ashore last October 29th, the storm displaced thousands of people - many who were were renters.

"Sandy serves as a cautionary tale for those renters," Consumer Expert Andrea Woroch said. "There are options out there that can help protect you during a time of crisis like a natural disaster or even something on a smaller scale."

Woroch tells us many renters have a false sense of security, believing, incorrectly, that their landlord would be covered.

"While that's partially true, it wouldn't cover your personal belongings and property," Woroch said.

The landlord would be covered in terms of the overall structure of the unit or dwelling. Woroch believes every renter out there should seek a policy. Some have been concerned about the costs, but Woroch explains that they are not as expensive as you might think.

"Most start at $10 a month, which costs less than a pizza pie," she said.

Renters insurance covers your belongings against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage. For example, if an upstairs neighbor's tub overflows and damages items in your apartment.

However, renters insurance does not cover damage from flooding.

The average renter owns about $20,000 in property and is 25 percent more likely to be burglarized than someone who owns a home.

With some renters liability claims costing tens of thousands of dollars, it's easy to see how essential renters coverage can be in protecting your finances.

For more information, Woroch suggests visiting this website.