Local insurance man, Jack Durney, one of the owners of Durney Insurance Agency, Inc., in Hoquiam, joins us again this week with some tips on ensuring your home's future with insurance.

Most renters mistakenly believe that if their apartment or rental house burns down or if thieves steal their expensive stereo system, that the building owner's insurance would protect them. That's not the case at all!

How many people have renter's insurance?

"Not enough!" says Durney. "A building owner can't insure something that doesn't belong to him," he explains, adding that renter's insurance is generally quite inexpensive - usually about $160 to $200 a year, depending on who you are and where you live.

That's a drop in the bucket when you compare it to what it would cost to replace all your clothes, stereo and camera equipment, appliances, furniture and other household items.

Not only does renter's insurance cover the contents of your rented or leased house or apartment; but it also - like homeowner's insurance -- includes liability coverage.

If, for instance, you outdo yourself at Christmas and string up so many lights that you overload the circuits and burn down your whole apartment complex, without insurance you would be personally financially responsible for the loss.

If you have a waterbed, many landlords will insist that you have insurance. If the waterbed springs a leak, the landlord wants to make sure there is coverage for damage to the building and to the contents of the apartment below.

Or, if you're renting a house and the neighbor kid gets hurt on the swing set, it's good to have that liability coverage.

And, just like homeowner's insurance, the liability portion of renter's insurance goes with you. Say, for instance, you're out fishing and your lure gets snagged on someone's nose, you'd be covered. In fact, personal liability insurance automatically covers you while using a small boat - up to about 50 horsepower.

Many people aren't aware of what their insurance does and doesn't cover. Durney urges folks to become familiar with their policies so that they can make any needed adjustments.

A typical homeowner's policy covers you in the event of a fire, smoke damage, windstorm, vandalism, vehicle damage, water from broken pipes, collapse from weight of snow and theft (with some limits).

A typical homeowner's policy does not cover you in the event of a flood, earthquake, intentional acts, riot, nuclear explosion, war, wear and tear, termites and animal damage

Depending on the deductible and the level of the liability coverage, it costs between $250 and $300 a year to purchase a replacement-value insurance policy for a $100,000 home.

Remember, only nicer, well-maintained homes can even purchase replacement value insurance.

No matter how your home is maintained, you can purchase depreciation coverage. It costs about the same, but the coverage, of course, is not nearly as good.

Jack gave us a few more important insurance tips to pass along:

Once you've purchased insurance, make a detailed inventory of what you have in your home. Or, just take a camera or camcorder through your house or apartment, room by room.

If something does happen to your home, you must come up with a list of what you had. It's much easier to do that ahead of time rather than in the midst of an upsetting tragedy.

Make sure to keep the information somewhere safe - the refrigerator, at a relative's home or in a safety deposit box.

Policies have limits on certain kinds of items including jewelry, artwork, antiques and even coin, stamp and baseball card collections. If you have such prized possessions, check to see what your policy's limits are. Then, have the items appraised and consider taking out a separate policy for them.

For instance, perhaps earthquake insurance doesn't seem reasonable to you. However, you have heirloom china and crystal. If you insure it specifically then it's covered in floods and earthquakes too.

Jack also recommends carrying a higher deductible and absorbing small loses yourself. A higher deductible means your coverage will cost less

"Don't use your homeowner's insurance policy as a maintenance contract," he urges. "Save it for the big thing that will cause you a lot of harm."

Some improvements will reduce your property and liability risk and could result in a lowered insurance premium. So remember, if you change the type of heating system, upgrade your electrical system, add a burglar alarm or add a room, keep your insurance agent informed.