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What is Renters Insurance and Who Needs It?

Renters insurance offers valuable property and liability protection (at a minimal monthly cost) for those who don’t own the place they’re living in.

For rent sign

What Is Renters Insurance?

Renters insurance, as the name implies, is a type of property and casualty insurance that helps protect those who live in rental properties or military-provided housing.

It offers valuable protection, and it typically costs less per month than a one-topping pizza.

It’s important to know that a landlord typically has insurance on the building, but that coverage does not extend to the property of the tenants.

You can purchase renters insurance from a property and casualty insurance company – the same companies who would sell you auto insurance. There are also insurance companies that focus specifically on renters insurance.

Tip: Your landlord’s insurance covers their building, not the stuff in it. If you want your personal property protected, you need to buy renters insurance.

Who needs it?

If you don’t own the place you live in, there’s a good chance you should have renters insurance to help protect you and your possessions.

Unfortunately, despite its relatively low cost, wide availability, and valuable benefits, renters insurance is an often-overlooked type of coverage. Many people who could benefit from it either don’t think they need it, incorrectly think their landlord’s insurance extends to them, or don’t understand the valuable protection it provides.