After talking to multiple office staff, taking dozens of tours, and filling out countless applications you finally found it: THE PERFECT RENTAL HOME!!! Congratulations! However, before you kick your feet up here’s a question you may want to ponder. Should I get renter’s insurance?


As the name implies renter’s insurance provides coverage for those renting their residence. Although the details of each renter’s insurance policy is individualized; every policy has two main components: contents and resident liability coverages.

Contents Coverage

As the name implies contents coverage focuses on your possessions.

For example, let’s say a fire happens in your building. If you’re like most people you would probably focus more on doing whatever you can to get outside to a safe spot rather than trying to stop and grab your couch or television.

In these types of situations where your property gets damaged or stolen-contents coverage reimburses you allowing you to purchase new furnishings.

Resident Liability Coverage

Now the second component in your renters insurance is something you should already be familiar through auto insurance-liability coverage.

Resident liability covers damage you cause to the apartment structure, the community, or other residents due to perils specified in the policy. For instance,

  • Your child gets a toy stuck in the toilet that causes it to overflow leading to water damage.
  • Grease fire in the kitchen
  • Countertop burned during cooking accident.
  • Guest trips on residents skateboard

Although some of these situations may seem like the landlord’s problem you may actually be held accountable for these damages.


Insurance is a double edged sword. If you use it your rates could go up but then again if you don’t use it it can feel like a waste of money. So, when you’re trying to figure out if you need renters insurance here are some questions to consider.

  • What is the value of my belongings?
  • How easily can I replace my belongings?
  • If something were to happen could I relocate easily?

Finding a place can be a tedious process. Thus protecting yourself from unforeseen situations is something you definitely should consider. Renters insurance can offer peace of mind just in case something were to go array. So, now that you have the keys to your new home; sleep soundly knowing you have the protection and coverage you need.

P.S. Regardless of whether you have renters insurance or not you should always make sure to be careful when renting. Carelessness can be costly for both you and your neighbors.

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