You will only need renters ' insurance if your landlord or building requires it. Although not required, anyone renting any type of long-term residence, whether a flat or a single-family home, should strongly consider purchasing a renters' insurance policy. Similar coverage, called medical payments coverage, is often included in a renters insurance policy and pays for smaller medical bills, regardless of who is at fault. Without renters insurance, a tenant has no compensation if a fire, tornado, or other disaster devastates the building.
Renters insurance is cheap, but it can save you financially if you lose literally everything you own. Renters cannot rely on landlord insurance, which covers the building but not the tenant's belongings. To determine how much renters insurance you need, assess your need for the coverage offered with a policy. If your TV is stolen or you lose your dishes in a kitchen fire, your landlord's insurance won't pay for replacement, but a renters' policy probably will.
Many tenants think of renters' insurance only in terms of coverage for physical property, such as furniture. While renters often focus on insuring their belongings, these other types of coverage can be just as essential. Renters insurance is an affordable way to cover personal belongings, but don't forget about your liability insurance and coverage for additional living expenses. Renters insurance not only covers your personal belongings, but also includes liability coverage and insurance for additional living expenses.
Because Geico and Progressive sell renters' insurance policies from other companies, complaints may vary. Renters insurance, says Donaghy, "is legally optional, but probably not financially optional. So if someone falls in your flat or your dog bites someone and you get sued, you can fall back on your renters' liability coverage.