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3 Smart Reasons to Get Renters Insurance

If you’re a renter, you may think that you don’t need renters insurance. Of your landlord’s many responsibilities, covering your losses typically isn't one of them. But that's why renters insurance exists: to protect renters from natural disasters, stolen property, and anything in between. Here are the most compelling reasons why you should have a renters insurance policy. “The average renters insurance policy costs under $150 per year for $30,000 of property coverage and $100,000 of liability coverage,” Mirandi says. “Renters insurance is a no-brainer because it’s so cheap, yet it covers so much,” Aalai says. She says the payout could be in the thousands if something happens to your belongings. Your landlord's insurance won't cover you It’s a common misconception that, in the event of a fire or flood, your landlord’s insurance will cover your belongings. It protects you against personal liability Renters insurance doesn't cover just you; it also covers what could happen to someone else. Your renters insurance could help cover any liability.