Your Guide to Affordable Renters Insurance

Take a quick mental inventory of your apartment. Your laptop, your TV, your couch, your entire wardrobe, all those kitchen gadgets you’ve collected—how much would it cost to replace everything at once? The total is almost always higher than you think. Now, ask yourself if you could comfortably write a check for that amount tomorrow. For most of us, the answer is a hard no. This is why renters insurance is so essential. It’s not just for people with expensive art or jewelry; it’s for anyone who would face financial hardship if they had to start from scratch. This guide will show you how affordable renters insurance works as a crucial safety net for your belongings and your financial future.

Key Takeaways

• Renters insurance protects your stuff, not the building: Your landlord's policy covers the structure, but it won't help you replace your belongings after a fire or theft. Your own policy provides financial protection for your personal property and liability for accidents.
• You can control your insurance costs: Lower your monthly premium by choosing a higher deductible you can comfortably afford, bundling with your auto insurance, and asking about every available discount, from having safety devices to being claims-free.
• Get the most value from your policy: Create a home inventory to know what your belongings are worth, understand what your policy excludes (like floods or earthquakes), and always choose Replacement Cost Value (RCV) coverage to ensure you can buy new items if you file a claim.

What Is Renters Insurance (And Why Do You Need It?)

Let’s get one common misconception out of the way: your landlord’s insurance policy does not cover your personal belongings. Their insurance protects the building itself—the roof, the walls, the foundation—but if a pipe bursts and ruins your laptop or a fire destroys your furniture, you’re on your own. That’s where renters insurance comes in.

Think of it as a financial safety net for everything you own inside your rented space. For a surprisingly low monthly cost, renters insurance provides thousands of dollars in protection if your things are stolen or damaged. It’s an essential safeguard for anyone renting an apartment or home. But it’s not just about your stuff. A good policy also includes personal liability coverage, which can be a lifesaver if you’re ever responsible for an accident that injures someone or damages their property. It gives you peace of mind, knowing that one unfortunate event won’t lead to a major financial crisis.

What Your Policy Actually Covers

When you look at a typical renters insurance policy, you’ll generally see four main types of coverage. First is Personal Property, which protects your belongings—like your couch, clothes, and computer—from events like theft, fire, or water damage. Next is Liability, which helps cover legal fees or repair costs if you accidentally injure someone or damage their property. Loss of Use coverage is another key component; it helps pay for temporary living expenses like a hotel and meals if your rental becomes uninhabitable after a covered event. Finally, Medical Payments to Others covers small medical bills if a guest is injured in your home, no matter who was at fault.

Why Every Renter Needs a Policy

While state law doesn't require you to have renters insurance, many landlords make it a mandatory part of the lease agreement. They want to ensure that tenants can cover potential damages, reducing their own risk. But even if your landlord doesn’t require it, getting a policy is one of the smartest financial moves you can make as a renter. For the price of a few coffees a month, you get valuable financial protection that could save you from having to pay thousands out of pocket to replace all your belongings after a disaster. It’s a small investment for a huge amount of security and stability.

How Much Does Renters Insurance Cost?

Let's talk about one of the biggest questions on every renter's mind: the cost. It’s easy to assume that adding another monthly bill is out of the question, but you might be surprised by how affordable renters insurance actually is. Think of it less as a major expense and more as a small, smart investment in your peace of mind. For the price of a few fancy coffees a month, you can protect everything you own from the unexpected. The final price tag depends on a few key things, but getting covered is likely much more accessible than you think.

What's the Average Monthly Cost?

When you hear "insurance," you might see dollar signs, but renters insurance breaks that mold. It's genuinely one of the most budget-friendly insurance products out there. Many companies offer plans that can start at less than $1 per day, which is a tiny price for protecting all your stuff. In fact, it’s common to find renters insurance quotes that start as low as $5 a month. When you weigh that against the cost of replacing your laptop, furniture, and entire wardrobe after a fire or theft, the value is incredibly clear. It’s a simple, low-cost way to make sure a bad day doesn’t turn into a financial disaster.

What Determines Your Insurance Rate?

Your renters insurance rate isn't just a random number; it's calculated based on a few personal factors. The biggest ones include the value of your belongings, where you live, and your personal claims history. For example, if you live in an area with a higher crime rate or need to insure a lot of expensive electronics, your premium might be slightly higher. It’s also important to remember that your landlord’s insurance policy does not cover your personal property. That policy is there to protect the building itself, not your things. Understanding the factors that influence your rate helps you see exactly what you're paying for: personalized protection for your life.

Finding a Policy That Fits Your Budget

Finding a renters insurance policy that feels right for your wallet isn’t about finding the absolute cheapest option—it’s about finding the best value. The price you pay is a direct reflection of the financial protection you’re getting. Understanding what goes into your quote helps you find that sweet spot between affordable monthly payments and solid coverage for when you actually need it. Three main things shape your final rate: the coverage you choose, where you live, and your personal insurance history.

How Coverage Limits and Deductibles Affect Price

Think of your policy as having two main levers you can pull to adjust the price: coverage limits and your deductible. Your coverage limit is the maximum amount your insurer will pay for a claim, while your deductible is the amount you pay out of pocket before your insurance kicks in. Choosing a higher deductible will lower your monthly premium, but you’ll have to pay more upfront if you file a claim. Conversely, a lower deductible means a higher premium. Many companies offer flexible renters insurance options, with liability coverage starting at just a few dollars a month and personal property limits ranging from $10,000 to $75,000, so you can find a balance that works for you.

Your Location and Building Type

Insurers look at risk on a macro and micro level, which means your address and even your building’s age play a part in your rate. If you live in an area with a high rate of theft or in a building that lacks modern safety features like sprinkler systems, your premium may be slightly higher. While renters insurance isn't typically required by law, your landlord can (and often will) require it in your lease. It’s also important to know what isn't covered. Standard policies have common renters insurance exclusions for events like floods and earthquakes, so if you live in a high-risk area, you may need to purchase separate coverage.

Your Personal Claims History

Just like with car insurance, your personal history with filing claims can influence your rate. If you’ve filed multiple claims in the past few years, an insurer might view you as a higher risk, which could lead to a higher premium. This isn't meant to be a penalty; it's simply part of how insurers predict the likelihood of a future claim. The goal of insurance is to provide a financial safety net for unexpected, significant events. Ultimately, having a policy in place is one of the smartest things you can do for your financial health, as it provides you with valuable financial protection when you need it most.

Where to Find Affordable Renters Insurance

Shopping for insurance can feel like a chore, but finding the right provider is the best way to get a great price on a policy that actually protects you. The good news is that there are plenty of solid companies out there competing for your business, which means you have options. Your best bet is to get quotes from a few different places to see who can offer you the most coverage for the lowest price. To get you started, here’s a look at some of the top providers for affordable renters insurance.

Goodcover

We built Goodcover because we believe renters deserve fair, transparent, and modern insurance. Our focus is entirely on renters, so we’re not distracted by other insurance lines. We offer essential coverage for your personal property and liability at a low monthly cost, and we’re committed to being a Members-first company. Because we’re a modern insurance provider, we make everything simple, from getting a quote to filing a claim. We aim to provide maximum value and return unused premiums back to our Members through our annual Member Dividend.

Progressive

You’ve probably seen their commercials, and for good reason. Progressive is a major player in the insurance world and often offers some of the most competitive rates available. Their online quote process is quick and straightforward, making it easy to see what your premium would be in just a few minutes. If your top priority is finding a policy with a low price tag, getting a quote from Progressive is a great starting point for your comparison shopping. They also offer discounts for bundling renters with auto insurance.

Liberty Mutual

Liberty Mutual is another big name that frequently advertises very low monthly rates for renters insurance, sometimes as little as a few dollars a month. They make it easy to customize your policy, so you can adjust coverage limits to fit your budget and needs. If you don't have a lot of stuff to insure but still want liability protection, you might find their basic plans are a perfect fit. You can get a customized quote on their website to see how their pricing stacks up for your situation.

State Farm

If you prefer a more personal touch, State Farm could be a great option. With a massive network of local agents across the country, you can choose to work with someone in your community to build your policy. This can be incredibly helpful if you have questions or need guidance on how much coverage to buy. While they have a strong online presence, their strength lies in customer service and agent availability. You can find a local agent or get a renters insurance quote online to explore their options.

Allstate

Allstate is a household name that offers reliable renters insurance with plenty of opportunities for discounts. They provide standard coverage for your belongings and liability, but you can also get discounts for things like having safety devices in your home or being a non-smoker. Their "what-if" scenarios and clear explanations can help you understand exactly what you're paying for. Allstate’s website has a wealth of resources and makes it easy to explore their coverage and find potential savings.

USAA

If you or a close family member has served in the military, you should absolutely get a quote from USAA. They are consistently ranked at the top for customer satisfaction and offer excellent rates exclusively to the military community. Their standard renters insurance policies often include benefits that other companies charge extra for, like flood and earthquake coverage. While their eligibility is limited, those who qualify often find that USAA’s renters insurance provides some of the best value and service available.

Farmers Insurance

Farmers Insurance is known for its customizable policies, allowing you to tailor your coverage to your specific lifestyle. Whether you have expensive electronics, a prized collection, or just want basic protection, you can often adjust your policy to match. They offer a range of discounts and have a reputation for being helpful during the claims process. You can work with an agent or use their online tools to get a Farmers renters insurance quote and see how you can personalize a plan that works for you.

How to Choose the Right Policy for You

Picking an insurance policy can feel like a huge task, but it doesn't have to be complicated. Think of it like finding the perfect apartment—you have a list of must-haves, a budget, and you do a little research before signing the lease. The goal is to find a policy that gives you real peace of mind without draining your bank account. It’s all about finding that sweet spot between what you need and what you can afford.

Breaking it down into a few simple steps makes the whole process much more manageable. First, you’ll want to get a clear picture of what you need to protect. Then, you can start shopping around to see what different companies offer. Finally, you’ll take a closer look at the details to make sure there are no surprises. Taking the time to walk through these steps ensures you end up with a policy that truly has your back when you need it most. It’s a small investment of your time that can save you thousands of dollars and a massive headache down the road.

Figure Out How Much Coverage You Need

Before you can choose a policy, you need to know how much your stuff is worth. Take a walk through your apartment and make a quick list of your belongings—your laptop, TV, furniture, clothes, bike, kitchen gadgets, you name it. This is the first step in creating a home inventory. Once you have a rough idea, you can estimate how much it would cost to replace everything. This number will guide how much personal property coverage you need.

Look for a policy that includes Replacement Cost coverage. This means if your belongings are damaged or stolen, your insurance will pay to replace them with new items, not just what they were worth used. It’s the difference between getting a check for a brand-new laptop versus the $150 your five-year-old one is worth today.

Compare Quotes and Policy Features

Once you know how much coverage you need, it’s time to shop around. Getting renters insurance quotes from different companies is the best way to see who offers the right coverage at a fair price. You can get a free quote online in just a few minutes, so it’s easy to gather a few options without spending your whole afternoon on the phone.

But don’t just look at the price tag. Compare the policy features side-by-side. Does one offer more liability coverage than another? Are the deductibles different? A slightly more expensive plan might offer significantly better protection, making it a smarter choice in the long run. Comparing your options helps you find the best value, not just the cheapest premium.

Read the Fine Print (Seriously)

I know, I know—no one actually enjoys reading terms and conditions. But when it comes to insurance, this step is non-negotiable. Every policy has exclusions, which are specific situations or items that are not covered. It’s crucial to understand what these are before you commit.

Common renters insurance exclusions often include damage from floods, earthquakes, and pests. The policy also won’t cover intentional acts or damage from your own negligence. Knowing these limitations upfront helps you manage your expectations and prevents you from being caught off guard if you ever need to file a claim. A few minutes of reading now can save you from a major surprise later.

Simple Ways to Save on Renters Insurance

Renters insurance is already one of the most affordable types of insurance out there, but who doesn’t love saving a little extra cash? The great news is that you have a lot of control over your premium. With a few strategic moves, you can lower your monthly payment without sacrificing the coverage you need. Let’s walk through some of the simplest and most effective ways to get a great deal on your policy.

Bundle Your Policies

If you have auto insurance, bundling it with your renters policy is one of the easiest ways to save. Insurance companies love when you buy more than one policy from them, and they’ll usually reward you with a multi-policy discount. Think of it as a loyalty perk. This not only trims down your total insurance bill but also simplifies your life by letting you manage your policies in one place. Many major providers offer this, so when you’re getting a quote, always ask if you can bundle your insurance for a better rate. It’s a straightforward conversation that could lead to consistent savings every month.

Raise Your Deductible

Your deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in to handle the rest. There’s a direct relationship between your deductible and your premium: if you choose a higher deductible, you’ll have a lower monthly payment. For example, increasing your deductible from $500 to $1,000 can noticeably reduce your premium. The key is to pick a deductible that you could comfortably afford to pay on short notice. Don’t set it so high that it would cause financial stress if you needed to file a claim. It’s a balancing act, but finding that sweet spot is a smart way to manage your insurance costs.

Ask About Discounts

You’d be surprised how many discounts are available just for the asking. Insurance providers offer a wide range of savings that you might qualify for without even realizing it. Are you claims-free for a certain number of years? There’s probably a discount for that. Did you sign up for autopay or agree to receive documents online? That could be another one. Some companies even offer discounts for being a non-smoker or having a good credit score. The lesson here is to be proactive. When you’re shopping for a policy, have a list of questions ready and specifically ask the agent to find every single renters insurance discount you’re eligible for.

Install Safety Devices

Insurance is all about risk, so anything you do to make your home safer can translate into savings. Insurance companies often provide discounts for having protective devices installed in your rental. This includes basics like smoke detectors, fire extinguishers, and deadbolt locks, which most apartments already have. More advanced systems, like a professionally monitored burglar alarm or fire alarm, can lead to even bigger discounts. Make sure to mention any and all safety features to your insurance provider when getting a quote. It proves you’re a responsible renter, which reduces your risk profile in their eyes and, in turn, can lower your premium. It’s a win-win: you get a safer home and a cheaper policy.

Common Renters Insurance Myths, Busted

Renters insurance is one of those things that’s easy to misunderstand. There’s a lot of conflicting information out there, and it’s tough to separate fact from fiction. These myths can be costly, leaving you unprotected when you need it most. Let’s clear up some of the biggest misconceptions so you can make sure you have the right coverage for your home and your belongings.

Myth: "My Landlord's Insurance Covers Me"

This is probably the most common myth out there, and believing it can be a huge financial mistake. Your landlord’s insurance policy is designed to protect their investment—the building itself. This includes the structure, the roof, and the walls. It does not, however, cover your personal belongings inside your apartment. If there’s a fire or a break-in, you’re on your own to replace your laptop, furniture, clothes, and everything else. Thinking your landlord’s policy has your back is one of the most widespread renters insurance myths, but the reality is you need your own policy to protect your stuff.

Myth: "I Don't Own Enough to Insure"

Take a quick mental scan of your apartment. Think about your couch, your TV, your computer, your entire wardrobe, and all your kitchen gadgets. Could you afford to replace all of it at once if something happened? It adds up faster than you think. Many people underestimate the value of their possessions and assume renters insurance isn't for them. But the truth is, renters insurance can protect your belongings even if you don’t own priceless art or expensive jewelry. For a small monthly fee, you get the peace of mind that you won’t have to start from scratch after an unexpected event.

Myth: "Renters Insurance Covers Everything"

While renters insurance is incredibly helpful, it’s not a magic wand that covers every possible scenario. Every policy has limits and exclusions. For example, standard policies typically don’t cover damage from floods or earthquakes—you’d need separate coverage for those. There are also often common exclusions for high-value items like fine jewelry or collectibles, which might require an additional rider or floater policy to be fully insured. It’s so important to read your policy documents carefully. Understanding what is and isn’t covered from the start will save you a major headache if you ever need to file a claim.

Myth: "My Roommate's Policy Covers Me Too"

Living with roommates is great for splitting bills, but you shouldn’t split a renters insurance policy. Your roommate’s policy is for them and their stuff, not you and yours. Unless you are explicitly named on their policy (which can get complicated), you have no coverage. If your shared apartment is burglarized, their policy will only help them replace their stolen items. To ensure your personal property is protected, each tenant needs their own policy. It’s the cleanest and safest way to make sure everyone under the same roof has the coverage they need without creating a messy situation down the line.

What to Look For in a Renters Insurance Policy

When you start shopping for renters insurance, you’ll notice that not all policies are the same. While the monthly price is important, the real value lies in the details of what’s covered. Understanding the core components of a policy will help you choose one that truly protects you when you need it most. Think of it like building a safety net; you want to make sure there are no holes.

A solid renters insurance policy is built on a few key pillars. These are the non-negotiables that provide a foundation of financial security, covering your belongings, protecting you from lawsuits, and even helping you find a temporary home if yours becomes unlivable. Let’s break down exactly what you should be looking for in your policy so you can sign up with confidence.

Personal Property Coverage

This is the part of the policy that most people think of first. Personal property coverage is what protects your stuff. From your sofa and laptop to your clothes and kitchen gadgets, this coverage ensures your personal belongings are covered against events like theft, fire, and water damage from a burst pipe. Imagine having to replace everything you own out of pocket—it’s a daunting and expensive thought. This coverage is designed to step in and help you get back on your feet by paying to repair or replace your items after a covered disaster. It’s the heart of your policy and the main reason many renters seek out insurance in the first place.

Liability Protection

Liability protection is one of the most important and often overlooked parts of a renters policy. This coverage protects you financially if you’re responsible for injuring someone or damaging their property. For example, if a guest slips and falls in your apartment, or if you accidentally start a kitchen fire that damages your neighbor’s unit, liability coverage can help pay for their medical bills or repair costs. It can also cover legal expenses if you get sued. Without it, you could be on the hook for thousands of dollars, so think of this as essential protection for your financial future. It’s a safety net for those "what if" moments you hope never happen.

Additional Living Expenses (Loss of Use)

What would you do if a fire or major leak made your apartment unlivable? That’s where Additional Living Expenses (ALE), or Loss of Use coverage, comes in. If you’re forced to leave your home because of a covered event, this part of your policy helps pay for the extra costs you incur, like staying in a hotel, eating at restaurants, or even laundry services. It ensures you can maintain your normal standard of living without draining your savings while your place is being repaired. It’s a crucial feature that provides peace of mind, knowing you’ll have a safe place to stay without the added financial stress.

Replacement Cost vs. Actual Cash Value

This is a critical distinction that can make a huge difference in how much you get paid after a claim. Actual Cash Value (ACV) pays you for what your items were worth at the time they were damaged or stolen, factoring in depreciation. So, that five-year-old laptop might only be worth $100. Replacement Cost Value (RCV), on the other hand, pays the full cost to replace your item with a new, similar one. At Goodcover, all our policies include Replacement Cost coverage because we believe it’s the right way to help you recover. Always look for an RCV policy; it ensures you can actually afford to buy new things, not just get a check for the depreciated value of your old ones.

What Your Policy Doesn't Cover

Renters insurance is a fantastic safety net, but it’s important to know that it doesn’t cover absolutely everything. Think of it like a specialized tool, not a catch-all solution. Understanding what isn't covered—what experts call "exclusions"—is just as important as knowing what is. This knowledge helps you avoid surprises if you ever need to file a claim and allows you to fill any gaps with additional coverage if you need it. Let's walk through some of the most common things your standard policy likely won't pay for.

Certain Natural Disasters

While your policy covers many unexpected events like fire and theft, it usually draws the line at specific large-scale natural disasters. The most common renters insurance exclusions are damage from floods and earthquakes. So, if a pipe bursts and floods your kitchen, you’re likely covered. But if a nearby river overflows into your apartment, a standard policy won’t help. If you live in an area prone to these events, like a floodplain or an earthquake zone, you’ll need to purchase separate, specialized insurance policies to make sure you’re protected from those specific risks.

High-Value Items (Like Jewelry or Art)

Do you have an expensive engagement ring, a collection of rare vinyl, or a piece of art you splurged on? Your standard renters policy will cover these items, but only up to a certain limit. Most policies have a cap on reimbursement for high-value categories, often around $1,500 for things like jewelry or electronics. If your collection is worth more than that, you’ll want to look into adding a "rider" (also called an endorsement or floater) to your policy. This provides extra coverage for specific, appraised items so you can get their full value back if something happens.

Business-Related Property

If you work from home or run a side hustle out of your apartment, this one’s for you. Renters insurance is designed to protect your personal belongings, not your business assets. That means your work-issued laptop, any inventory you store for your Etsy shop, or specialized equipment you use for freelancing are typically excluded from coverage. If you have significant business property in your home, you should look into getting a separate commercial or business insurance policy to make sure your professional life is just as protected as your personal one.

Damage from Neglect

Your insurance policy is there for sudden and accidental damage, not for issues that could have been prevented. This means that damage from neglect or a lack of routine maintenance generally isn't covered. For example, if you notice a slow leak under your sink and don't report it to your landlord, your policy probably won't cover the major water damage that results weeks later. The same goes for a pest infestation that gets out of hand because it wasn't dealt with early on. Staying on top of maintenance and reporting issues promptly is key to ensuring your coverage applies when you need it.

How to Get the Most From Your Policy

Okay, so you’ve signed up for a renters insurance policy. High five! That’s a huge step toward protecting your finances. But just having the policy isn’t the end of the story. To really make it work for you when you need it most, you need to know how to use it. Think of it like a toolkit—it’s only useful if you know what each tool does. A little prep work now can save you a massive headache later if you ever have to file a claim. Let’s walk through a few simple steps to make sure you’re fully prepared.

Create a Home Inventory

First things first: make a list of everything you own. This is called a home inventory, and it’s one of the most important things you can do. Taking a home inventory is essential because it helps you figure out the value of all your belongings, which is crucial for deciding how much personal property coverage you need. You don’t need a fancy system. Just walk through your apartment with your phone, taking a video or photos of everything. You can also use a simple spreadsheet to list items and their estimated value. Keep this list somewhere safe, like in a cloud storage account, so you can access it from anywhere if something happens to your home.

Know Your Policy Limits and Add-Ons

Every insurance policy has its limits. Standard policies are great for covering your everyday stuff, but they often have sub-limits for high-value items like jewelry, fine art, or expensive electronics. If you have items that exceed these limits, you’ll want to look into add-ons. By adding endorsements and floaters, you can get specific coverage for your prized possessions. Also, check if your policy offers Replacement Cost Value (RCV). This means if your laptop gets stolen, your insurance pays for a brand-new one, not just its used value. At Goodcover, all our policies include Replacement Cost coverage because we believe you should be able to replace what you lost.

Know When to File a Claim

Renters insurance is there for big, unexpected events, not necessarily for minor mishaps. Before you file a claim, look at your deductible—that’s the amount you pay before your insurance kicks in. If your favorite lamp breaks and it costs $100 to replace, but your deductible is $500, it doesn’t make sense to file a claim. People who get the most out of their renters insurance are those who experience a substantial loss and have the right coverage. Filing too many small claims can sometimes cause your rates to go up, so it’s best to save it for when you truly need it. Think of it as your financial safety net for major disasters.

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Frequently Asked Questions

My landlord has insurance, so do I really need my own policy? That’s a great question, and it’s one of the biggest points of confusion for renters. Think of it this way: your landlord’s insurance protects their property, which is the building itself—the roof, the walls, and the pipes. Your renters insurance policy protects your property, which is everything you own inside those walls. If a fire or a major leak were to happen, their policy would pay to fix the building, but you would be responsible for replacing your own furniture, electronics, and clothes unless you have your own coverage.

How do I figure out how much coverage I actually need? The best way to get a realistic number is to create a home inventory. It sounds more intimidating than it is. Just walk through your apartment with your phone and take a quick video or photos of your belongings. Make a rough estimate of what it would cost to replace everything with new items—from your laptop and TV to your entire wardrobe and kitchen supplies. This total gives you a solid target for your personal property coverage limit. Always opt for a policy with Replacement Cost Value (RCV), which ensures you get enough money to buy new replacements, not just the depreciated value of your old stuff.

Is it worth filing a claim for something small, like a broken lamp? Probably not, and here’s why. Your policy has a deductible, which is the amount you pay out of pocket before your insurance covers the rest. If your deductible is $500 and the lamp costs $100 to replace, you wouldn't receive any money from the insurance company anyway. It’s best to think of your insurance as a safety net for major losses that would be financially difficult to handle on your own, not for minor accidents. Filing multiple small claims can also cause your rate to increase over time.

Are my really expensive items, like my engagement ring or camera gear, fully covered? Not always, and this is a crucial detail to check in your policy. Standard renters insurance policies are fantastic for covering your everyday belongings, but they often have specific limits for high-value items like jewelry, fine art, or high-end electronics. For example, a policy might only cover up to $1,500 for all your jewelry combined. If your valuables are worth more than that limit, you should ask your provider about adding a "rider" or "floater" to your policy for those specific items to ensure they're fully protected.

Is renters insurance legally required? While no state law mandates that you must have renters insurance, many landlords and property management companies require it as a condition of the lease. They do this to reduce their own risk and ensure that you can cover the cost of any accidental damage you might cause to the property. Even if your landlord doesn’t require it, getting a policy is one of the smartest and most affordable ways to protect yourself financially.