Renters insurance acts as a homeowner's insurance policy for those who rent their place of residence. Whether you live in a condo, apartment, house, duplex, etc., renters insurance can protect you and your assets. Having renter's insurance may help reduce costs of damages should anything happen to the property you may be responsible for.
Doesn't My Landlord's Insurance Cover Me?
NO! Do not make the mistake of assuming your landlord's homeowners insurance will cover you and your assets. A landlord's policy covers only the physical structure of the rental property, not your belongings or your liability. If the person who owns the building has rental insurance, they will be protected from costs to them should something happen to the building, but they are not responsible for covering your belongings.