Renting to own is a way for consumers to get the latest and greatest in furniture, appliances and electronics, but what happens if your rent-to-own merchandise gets stolen?

How can you protect yourself and not get stuck paying for an item you no longer have? A flat screen TV disappeared shortly after Roger Taylor made his first weekly payment of $44.

He did something smart when he signed the contract that a lot of people often overlook because you just never think anybody's going to walk out the door with something that big without getting caught.

Taylor lives in an Omaha rooming house and a burglar broke in. "That TV was off sitting in my closet. They took the PlayStation and the flat screen."

According to his Ace Rent-To-Own contract, those items are worth $2,700, but Taylor didn't get a chance to watch much television or play the video game. "I had it roughly a little over a week. I got it because I wanted it, it's real simple."

What's also simple is how he's financially covered. Taylor opted for a waiver of liability with Ace Rent-To-Own. The waiver acts as insurance and covers loss of merchandise. It cost Taylor a little more money every month.

He now has plans on saving himself from any major headaches like this in the future. "I'm moving out as soon as I find me a place. I got to move out 'cause it's crazy."

Taylor had to give Ace Rent-To-Own a copy of the police report to confirm the burglary. The owner of the company says the waiver of liability is offered to all customers and could cost as little as an additional $1.50 a week.

What about people who buy big screen TVs or other big ticket items instead of renting? How much would it cost for a basic renter's insurance policy?

Triple-A estimates a basic renter's insurance policy to cover about $20,000 worth of personal property would cost $12 a month.