You found your place. You signed your lease. You bought a renters insurance policy. Now, you’re all set. Or are you?For the more than 43 million Americans renting their home or apartment, the answer may be no. In some cases, the additional coverage provided by umbrella insurance may be important. Here are some factors to consider when deciding whether you need an umbrella insurance policy in addition to your renters insurance policy.When additional insurance for renters comes in handyFirst, some background. A renters insurance policy protects your property should something happen inside the place you’re renting.But, what if you are throwing a party and someone trips on carpeting in your apartment, tips over your TV, and breaks his or her leg in the process? Your renters insurance would cover the damage to your television, but not your friend’s medical expenses.Or, what if something in your apartment catches fire and causes smoke damage throughout your building? Your renters insurance will cover the damage to your stuff. However, it won’t cover the damage to other renters’ property. You may be responsible for that.In each of these examples, umbrella insurance may kick in and provide additional coverage. Umbrella insurance acts as a safety net when damages from a claim exceed the limits of your existing home, auto or renters insurance policy. Umbrella insurance coverage may pay the difference.Why is umbrella insurance important to renters?The average apartment building has 27 or more apartments in it, and the average cost per square foot to build an apartment is $165. Let’s say you live in a building like this.One night while you are out, you leave something on a hotplate, causing a fire in your apartment and smoke and water damage in the two apartments below you. If each apartment is the American average of 889 square feet, the cost to rebuild those two apartments (at $165/square foot) would be nearly $300,000. If you are found to be at fault, your landlord may try to sue you for damages. Your renters insurance won’t cover that. But an umbrella insurance policy could, protecting your hard-earned savings.Those are just some of the many reasons why renters should consider umbrella insurance to complement their renters insurance. Learn more about the benefits of an umbrella policy and find out if it’s right for you.--RELATED INFORMATIONIs an Umbrella Insurance Policy Right For You?