My lease requires that I purchase renters’ insurance. Aside from my phone and laptop, I don’t have many valuable items. Do I really need to buy renters’ insurance?
If it’s in your lease, you better get the insurance. Savvy landlords will follow up and make sure you do, by having you provide proof of purchase, such as a certificate of insurance from your company. Failure to comply with a lease requirement like this might give the landlord grounds for eviction.
Even if your landlord does not require renters’ insurance, there are many good reasons to buy it. Here are some of the main ones:
If you’re hoping that your landlord’s insurance will cover the above losses or damages, think again. The landlord’s insurance will not cover these losses or damages unless the landlord’s negligence has been a factor—for example, if water damage to your furniture is caused by a leaky roof that your landlord knew about, but failed to fix.
And the bottom line is that renters’ insurance is typically not that expensive. Depending on where you live and the size of your apartment and the value of your possessions, renters’ insurance might cost a few hundred dollars a year for a $50,000 policy.
For more on the subject, including how to shop for renters’ insurance, see the Nolo article Renters’ Insurance.