Even the smallest apartment can easily contain personal items worth thousands of dollars. And all of us are at risk for liability. At least once during a lifetime most people will rent a home. Paying rent instead of a mortgage payment does not make your personal belongings any less valuable. Should your belongings be damaged or destroyed, should someone suffer an injury in your home, renters insurance can off the peace of mind of knowing that you are protected.
Many renters think they are protected under their landlord's policy.
However, the property owner's insurance covers the building itself and seldom covers a tenant's possessions. Clarify this with your landlord before signing a lease. Again, the owner's policy may specifically exclude liability for something that occurs within your rented residence. You could be held liable for injury to another's property if the incident occurred within your rented residence. Renters Insurance, because you are not insuring a building, is surprisingly inexpensive.