When Should An Individual Have Renters Insurance? 
Although I have answered similar questions of this nature previously , it is such an important coverage that I will repeat it . While I obviously do not know your particular situation and whether or not your landlord requires you to maintain renters insurance , I can tell you the following that might help you see the value of some of the coverages provided . Renters ' insurance policies provide a considerable amount of coverage for a relatively small premium . For starters , it is extremely valuable coverage in the event of a loss to your personal property from perils such as fire , smoke , theft and others . It also provides some coverage for liability which can be of significant value . Other desired coverages can be economically added . From a personal standpoint , I saw the value first-hand when my Sons had a severe kitchen fire in their apartment in Raleigh , NC a few years ago . No one was hurt but the apartment became uninhabitable as a result of the fire and smoke damage . Because my Sons were astute enough to have purchased a renters policy , they were reimbursed for all of their burned and smoke-damaged possessions and they received reimbursement for living expenses elsewhere while restoration was being completed . Additionally , the landlord sued them for negligence related to the cause of the fire ... which was quickly thrown-out in court ... but the insurance carrier provided them a defense for the negligence allegation . That alone would have cost them heavy legal fees . All-in-all , it cost my Sons their very affordable premium and a small loss deductible to get back to their lives . Without the renters policy , they would have been ` hurting ' for a long time . 