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The short answer is yes. If you live in a rental property, you need renters insurance to protect your personal property, cover your liability, and put a roof over your head if you are displaced.
According to ConsumersAdvocate.org, only 38-41% 1 of renters carry renters insurance, perhaps because many people mistakenly assume that it is expensive. But a renters policy costs on average just $20 per month, and you can reduce that cost further by bundling your policy with the same company that carries your auto insurance. Every budget differs, but a monthly expense of $20 seems worthwhile when you consider what you have to gain:
Protection for Your PropertyA typical renters insurance policy covers your personal property in the event of fire, theft, or water damage.2 If your property is lost or damaged under these circumstances, a renters insurance policy could mean the difference between temporary inconvenience and long-term financial consequences.
Coverage in the Event of LiabilityRenters insurance can cover tenants for liability in the event of bodily injury to another person on the premises or the landlord’s property. Considering the rising costs of healthcare, planning ahead for this kind of potential liability would be wise.
A Backup Plan for DisplacementMany renters mistakenly presume that a policy they can purchase from their apartment complex will handle all of these situations. But if the policy is for liability only, it will not cover personal property or help with temporary living quarters if you are displaced. If you purchased a policy from your landlord, be sure you read it carefully to make sure it would meet your needs in every situation.
"1 Best Renters Insurance, Based on In-Depth Reviews," www.consumersadvocate.org/renters-insurance
2 Flood damage due to rising water is excluded, and wind coverage is excluded in coastal areas. Additional policies are available to those who live on the coast or in areas prone to flooding.
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