Most homeowners have an insurance policy, because the bank requires that they have one.
But many renters don’t have insurance, and many don’t get it because they mistakenly assume that they are covered under the landlord’s policy on the building. That’s not the case: That policy only protects them, it doesn’t protect you.
That means if you have a fire, or if your apartment is burglarized, and you don’t have renter’s insurance, then your personal possessions are not covered.
Also, if you don’t have renter’s insurance, you are leaving yourself open to lawsuits. If someone gets hurt in your apartment, you could spend thousands of dollars defending yourself in court, and you could wind up going bankrupt.
With renter’s insurance, it will help protect you in court, and the agency will pay out if they need to.
Renter’s insurance is also inexpensive; it runs anywhere from $125 to about $200 a year. For that cost, it makes complete sense to get renter’s insurance.
