Renters insurance is recommended for people who live on rented property. The landlord should have insurance that covers their actual property. But people that rent houses, apartments, trailers, or condos need renters insurance to cover their personal property.
If a fire occurs in your home, then your landlord will have insurance for the damage. But that doesn’t cover your belongings. The same is true for any damage that occurs on the property. You aren’t protected unless you have your own coverage.
Renter’s insurance is one of the least expensive insurance policies available. Most people can find a policy that fits within their budget. You’ll get coverage for your belongings, as well as liability in case of lawsuit issues.
The policies generally include coverage for:
Personal Property: This coverage will pay to repair or replace your belongings in the event of fire, theft, or vandalism.
Liability: This provides coverage should you be found liable for causing damage to someone else or their property.
The National Association of Insurance Commissioners estimate that renters insurance costs between $15 and $30 per month. That’s affordable for most renters, and it’s great for the coverage you receive.