Why Should You Purchase Renters Insurance? 
No one will require you to maintain Renters Insurance other than a current or future landlord but certainly good judgment would suggest this type of coverage be considered . Typical Renters or Tenant/homeowners policies provide coverage in three principal areas ; They cover damage to your personal property -LRB- clothing , furniture and/or household items -RRB- , Additional living expenses you might incur while occupying temporary living quarters should your apartment or building be damaged or destroyed by a fire , wind or some other covered cause and Your Personal Liability should certain acts cause injury or damage to someone , possibly your neighbors or even the building you occupy . Anyone responsible for maintaining a household should at least consider securing this type of coverage . It beats digging into your savings after a storm or fire or waiting for the Red Cross to give you a shirt , a cot or a hot meal . The cost for a basic policy would be in the $ 150-200 per year range . This type of coverage should be considered as important as maintaining comprehensive and collision insurance on your car . In fact , simply increasing your deductibles on your car insurance may reduce your premiums enough to permit you to secure a basic policy . 