The need for renter’s insurance is vast.  Everyone that rents, whether it’s an apartment or another type of rental property, needs renter’s insurance.  It is the only way that all of your possessions are protected from loss, theft or destruction.  It also protects your assets from lawsuits stemming from someone coming to injury within your apartment. Many people assume that the apartment complex’s insurance will cover their stuff in the event of a disaster or theft, but that is not true.The only thing that the landlord’s insurance covers it the building and its physical infrastructure like stairs and elevators.  Your stuff is your responsibility.

Each roommate is required to have his or her own renter’s insurance policy.  Your policy will not extend to your roommate’s stuff and vice versa.

According to recent studies, less than 25% of renters actually have renter’s insurance.  The need for a change is great.  Many people are shocked and surprised when something happens to their things and no one steps forward to replace them, or when they are sued for medical bills stemming from an accident in their apartment. Being an informed renter is important and knowing the need for renter’s insurance is one good way to be informed.

Some people discount renter’s insurance due to the fact that it adds another bill on top of their already mounting expenses, but the low cost of this insurance coupled with the likelihood that it will be needed make it evident that renter’s insurance should be considered a necessity rather than an option.