If you own a home, chances are you have homeowner’s insurance to protect you when disaster strikes. But if you rent, experts still advise you to get insurance too. Consumer Reports shows you just how valuable it can be in today’s 5 On Your Side.

The average cost of renters’ insurance in the U.S. is about $15 per month or $170 per year, according to data from the Insurance Information Institute.

And when disaster strikes, it can be a game-changer.

If damage forces you out of your home, renters’ insurance can help pay some of your living expenses and cover some of what you may have lost.

Aside from helping cover damage or theft of your property and reimbursement if you’re forced to move out, insurance offers liability protection if someone is injured in your home.

It can also cover some possessions when you’re not home — like if something is stolen out of your car.

But like any type of insurance, Consumer Reports says it’s important to check the policy carefully.

“Renters’ insurance is fairly standardized, though coverage can vary based on the insurer and where you live,” said Penny Wang, Consumer Reports money editor. “Bottom line: make sure you understand your policy — what’s covered and what’s not.”

Consumer Reports suggests getting several quotes to make sure the policy gives you what you need—whether that’s a low deductible, additional coverage for your valuables, or covering the cost of staying in a hotel if your apartment is damaged.

Consumer Reports also recommends doing a home inventory before disaster strikes. That can be as easy as taking a video of important items in your house.