People buy renters insurance when they live in a place that they do not own. Renters insurance is not usually required by landlords because it protects the things that you own, not the things that the landlord owns.
Renters Insurance is Not Homeowners Insurance
Where you live, your landlord has insurance (homeowners or building) on the building and the landlord’s insurance will cover the structure and everything that is attached to the building or property.
The landlords insurance will not cover your personal belongings though, that is where renters insurance comes in. If there is a flood, fire or other thing that happens then your landlord will be responsible for the building and you will (or your renters insurance hopefully!) be responsible for your stuff.
How Much Renters Insurance Do You Need?
You probably want to start with at least a $20,000 policy – and you might be surprised at how cheap it is to add another $5k to your policy. Even if you don’t think that you have that much stuff, you will probably realize that it adds up whenever
you start looking around. Make a short list of your most important stuff and you will probably soon realize that it isn’t hard to estimate your belongings at $20,000 or more.
The fastest way to get a deal on renters insurance is to get multiple quotes from homeowners insurance companies. Don’t delay, it only takes minutes and you can get the best renters insurance quotes from the nations top renters insurance companies!