Renter’s insurance protects the tenant from theft, loss, and personal liability related to injuries on the property
Renters insurance protects a tenant’s personal property and will compensate you for unexpected circumstances such as theft and fire. Renter’s insurance will also save you from liability should someone be injured on your property and sues you claiming you were negligent.
Most landlords require the renter to purchase renters insurance as a lease condition. Premiums for renters insurance are relatively low. It might be worth purchasing rental insurance if you have expensive personal property, collectively over $50,000. Also, the policy will protect you against lawsuits brought by your guests who might be injured on the property and name you as a defendant.
