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If you’re a renter, you may think that you don’t need renters insurance. Technically, it’s your landlord’s building, and that makes the landlord responsible for anything that happens. Right?

Not exactly. Of your landlord’s many responsibilities, covering your losses typically isn’t one of them. But that’s why renters insurance exists: to protect renters from natural disasters, stolen property, and anything in between.

“Landlords strongly recommend—and in most cases, require—that their tenants purchase renters insurance,” according to Mike Mirandi, vice president of sales at TheGuarantors, a New York–based insurance company.

Think renters insurance is a frivolous expense? Think again. Here are the most compelling reasons why you should have a renters insurance policy.

1. Renters insurance is inexpensive

The amount you pay for renters insurance ultimately depends on where you live—but it’s only a drop in the bucket compared with how much you’ll spend on rent in a year.

“The average renters insurance policy costs under $150 per year for $30,000 of property coverage and $100,000 of liability coverage,” Mirandi says. “This is a relatively small price to pay to ensure your personal belongings are protected.”

That’s why Shannon Aalai, a licensed real estate salesperson at Citi Habitats in New York, says she always recommends renters insurance to clients after they sign a lease whether or not the building requires it.

“Renters insurance is a no-brainer because it’s so cheap, yet it covers so much,” Aalai says.

She says the payout could be…