You may be surprised to learn that renters’ insurance typically covers all of your personal belongings, whether they’re in your living room or your backpack in Bangladesh. But what it doesn’t cover may surprise you as well. Before you sign on the dotted line, ask about:

1. Replacement cost coverage versus actual cash value. Will you be reimbursed for the current market value of that new 82-inch flatscreen or just the depreciated value?
2. Flood damage versus water damage. Floods typically aren’t covered, but water damage from burst pipes, etc. are … be sure to check!
3. Inclusions versus exclusions. Do you need to add a rider to cover your prized baseball card collection and other valuables? Now is the time to ask.