We strongly recommend that residents purchase their own renter's insurance. Nonetheless, the decision about whether or not to purchase renter's insurance is an individual decision. Renters don't always think about insurance because they don't own the property in which they live. But renters, like homeowners, can experience losses due to fires, theft, vandalism or natural catastrophe. Think, for example, about the consequences of a fire in your apartment or townhouse.
Insurance carried by the property owner covers damage to the building structure.
It does not cover personal belongings that may be damaged, including furniture, appliances, televisions and stereos, clothing and other personal effects. Insurance also may help cover your hotel expenses while your apartment or townhouse is being repaired. Renter's insurance is more affordable than homeowner's insurance because you are not insuring a building. The price varies depending on the amount and type of coverage purchased. Speak to a qualified insurance agent for pricing information.