Do I need renter’s insurance?

Question: I’m renting an apartment. Do I need renter’s insurance?

Answer: Renters insurance protects your personal property against damage or loss, and insures you in case someone is injured while on your property. The premiums for renters insurance average between $15 and $30 per month depending on the location and size of the rental unit and the policyholder’s possessions.

In addition to personal belongings, some policies will also cover living expenses if your apartment or home is uninhabitable due to damage. Many people go without this coverage, because they wrongly assume the property owner/landlord has insurance coverage that will protect them against any loss.

It s always a good idea to take precautions to protect yourself and your belongings. If a college student is under 26 years old, enrolled in classes and living in on-campus housing, the student may be covered under his or her parents homeowners or renters insurance policy. However, if a student lives off campus, they may not be covered under their parent’s policy for losses or may only be covered for part of possible losses.

In all cases, it is recommended to reference your current insurance policy or contact your agent when deciding whether or not to purchase renters insurance.