If you live in an area prone to certain catastrophes, it may be a good idea to purchase additional coverage by buying renters insurance. No, but some landlords require proof of renters' insurance before you sign the lease, or within a certain time frame. Most renters insurance does not cover your roommate's belongings unless you both share a policy, which not all states or insurance companies allow. If your car is stolen, you will need to file a claim under the comprehensive section of your auto policy, not your renters' policy.
Just as your renters policy covers your belongings when you are traveling, it will usually cover them when they are stored somewhere other than your own home. Lemonade also adds value to its standard renters policies by offering replacement cost cover for personal belongings rather than actual cash value, so you can afford to buy new replacements even for older items that are stolen or damaged. In most cases, taking out renters insurance does not take much time, especially if you choose to buy a policy online. Renters insurance covers catastrophes such as fire, theft and windstorms, but generally does not cover floods or earthquakes.
Renters insurance is designed to help with damage caused by sudden, catastrophic events, such as a burst pipe that floods the bathroom, leaving mold in its wake. State Farm does not offer many coverage or savings options on its website, but it does highlight discounts for combining renters and auto insurance policies and for installing home security devices such as burglar alarms and smoke detectors. The Hartford targets older renters through its association with AARP, although non-members can also obtain a policy through the company's network of independent agents. If your possessions are limited to a futon, a coffee pot and a toothbrush, you probably don't need renters' insurance.
However, you may be able to get bedbug coverage with an Assurant renters policy, depending on where you live. There is no legal requirement to buy renters insurance, but some landlords will require you to buy a policy. The cheapest option is not always the best option when it comes to buying renters insurance, but the price of a policy is still an important factor to consider.