Updated May 9th, 2025
Renters' insurance is very inexpensive and can even be less expensive if you get a multi-policy discount from your carrier.
A few examples of how important this coverage can be are outlined below:
1. A fire destroys all of your personal property or a burglar steals your property - this is not covered by your landlord, but is covered up to a specified limit by a renters' policy
2. Your home or apartment is uninhabitable due to a fire - moving expensive and additional living expense is not covered by your landlord, but is covered through renters insurance.
3. Someone is injured at your home or apartment (your dog bites someone, for example). You would need to have a renters' policy to protect yourself from this type of claim.
Renters' insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment. While your landlord may be sympathetic if you experience a burglary or a fire, your possessions are not covered by your landlord's insurance.
By purchasing renters' insurance, your belongings are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.