While most people know how important it is to have homeowner’s insurance, many never stop to consider whether renters also need to protect themselves. (Quick hint: They do!)
Many tenants assume that they don’t need renter’s insurance because any hazards will be covered by their landlord’s insurance—after all, they’re the ones who own the property, right?
The landlord’s insurance will cover only what the landlord owns, and that will be limited to the land and the physical structures on it. Anything inside the building that you own will be excluded by the landlord’s insurance company.
Somewhere in the stack of papers that you signed along with your lease, you would probably find something that says that it’s your responsibility to insure your property, but you either didn’t know or didn’t want to spend the money.
But guess what, you need to have renter’s insurance.