A Renter’s Insurance policy is actually very affordable and great to have if you are renting a property from a landlord. Whether it’s a single family home, condo or an apartment, you need to have renters insurance. Your landlord’s property insurance policy will not cover your possessions in the event of a loss.  Renter’s insurance policies protect the value of your personal belongings if they get damaged or destroyed.  It also covers you for liability if you damage the landlords building, or if someone gets hurt in your rental unit..

Basic renters insurance will cover:

• Fire
• Lightning
• Windstorm
• Explosion
• Hail/Sleet
• Theft
• Vandalism
Water
• Bodily Injury Liability
• Loss of Use – it would be nice to have money to go live somewhere else if your unit got damaged and you could not live there anymore.

From Investopedia:

Renterss insurance is property insurance that provides coverage for a policyholder’s belongings, liabilities and possibly living expenses in case of a loss event. Renters insurance is available to persons renting or subletting a single family home, apartment, duplex, condo, studio, loft or townhome. The policy protects against losses to the tenant’s personal property within the rented property. In addition, a renter’s insurance policy protects against losses resulting from liability claims, such as injuries occurring on the premises that are not due to a structural problem with the property (in this case, the owner’s – not renter’s – policy would apply).

For a few hundred dollars a year you could have a renter’s insurance policy with all this coverage.