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Do I Need Renters Insurance If I Don't Own The Property?
Home » Insurance » Renters Insurance » Do I Need Renters Insurance If I Don't Own The Property?Even though you do not own the property where you live, it is likely you have valuable personal items that would be expensive to replace if they are stolen or damages by fire or some other cause. You also have potential legal liability to someone who is injured on property you occupy, even if you are not the property owner. Rental insurance is essentially like a homeowners policy but without coverage for the buildings or structures. Because of this, renters insurance usually cost far less than homeowners policies.
There usually are no legal or contractual requirements to have rental insurance, although it is possible that, by the terms of your lease, you may be required to have insurance to cover your liability exposure if someone is injured on the rental premises. You should read your lease very carefully to determine what insurance, if any is required by your landlord.
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