A question that renters frequently ask is, "Why do I need renters insurance?" Many renters think that renters insurance protects the owners, and from everything I've been told, that's not the case. Let's see if this helps answer the question. As a renter, you have your personal items (clothing, electronics, furniture, and the like) in the rental. Renter's insurance covers your personal items if they were to be damaged in a covered event (like a fire) or if they were stolen. It also can protect you if one of your guests is injured in your rental and the injury was found to be your fault. You may also find that a renters insurance policy provides you with a place to stay if your rental can't be lived in because of a fire or damage to the unit. It's important to review a renters insurance policy carefully before buying it to see if it provides you with the coverage you are looking for. Some landlords require you to carry renters insurance and others do not. Either way, you may want to take a good look at it to see if it is something beneficial for you. Here's something important to note: your landlord's insurance will not cover your personal property! The insurance that your landlord carries protects them (meaning the house and the items they own inside of it like major appliances), not you as a renter.
Don't be afraid to look into renters insurance because you are afraid of the price - many renters insurance policies run between $100-$200 per year. When setting up your policy, make sure you specify how much coverage you are looking for to cover your personal belongings. Shop around - there are many companies out there that offer renters insurance, and it seems that prices vary quite a bit.
Something else to realize: renters insurance doesn't typically cover natural disasters like floods or earthquakes. Just like with homeowners insurance, these need to be covered by a separate policy.
Here are a few sites to provide you with additional information about renters insurance and what it does and does not cover. Some of the sites will also direct you to places where you can find quotes for renters insurance.
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