How Important Is Renter’s Insurance?

Even if your landlord does not require it, you may want to purchase renter’s insurance, which covers losses to your belongings as a result of fire or theft. In most cases, renter’s insurance costs less than $350 per year for $50,000 coverage.

Often called a “Tenant’s Package Policy,” renter’s insurance also covers you if your negligence causes injury to other people or property damage to the landlord’s property or to yours. Once you obtain renter’s insurance, it is helpful to provide the landlord with proof of purchase.

You can find information on acquiring renter’s insurance at libraries and rental agencies, on the Internet, or even from your landlord.