Do I really need renters insurance?
Probably. Your landlord's insurance covers the building, not your laptop, bike or clothes, and usually not your liability either.
Probably, yes. Here’s the thing nobody tells you: your landlord’s insurance covers the building. Not your laptop. Not your bike. Not your clothes. If a pipe bursts and soaks everything you own, that’s on you unless you have your own policy.
What renters insurance usually covers
- Your stuff. Damage or theft, up to your limit.
- Liability. If someone gets hurt at your place, or you flood the flat downstairs.
- Extra living costs. If your place becomes unlivable after a covered event, many policies help pay for somewhere to stay.
What it usually doesn’t
- Flood and earthquake, in many policies
- Your roommate’s things, unless they’re named
- Wear and tear, or bugs
Quick gut check
Add up what it would cost to replace everything you own. Most people are surprised. Then compare that to what a policy costs where you live.
More in our first apartment checklist. Straight talk, not advice. This is general information, not insurance, legal or financial advice. Read your actual policy.