People who rent their homes often ask whether they need insurance or they simply assume that their landlord’s insurance policy will cover them. If you rent, the fact is that your landlord’s insurance usually only covers the building where you live, but not your personal belongings, so renter’s insurance may be a good idea for you.
These policies are often inexpensive and will cover you in the event of fire, theft, or vandalism. Renter’s policies may also provide liability protection. Your landlord’s policy most likely excludes liability for things that occur in your rented residence, so you could be held responsible for injury to another person or damage to another person’s property if an incident occurred within your rented residence, or elsewhere.
Even if you don’t think you own very much you’d be surprised how quickly things can add up so talk to your landlord and find out exactly what his policy covers so you can make an educated decision about whether you need Renters Insurance.