Renters insurance is often required by an apartment complex, though it is something you should consider even when it is not required. The insurance covers you, the renter, in the event of damage, loss, or theft while you are a tenant in some capacity or another.

Even if the person who owns the building or home that you are staying in has insurance, you may need this kind of insurance to protect yourself.

Many people assume that home insurance covers you as a renter. The only thing that home insurance covers when you are the renter is the structure itself. If your mattress is damaged from a flood or there is a break-in and your valuables are stolen, the home insurance will not provide any benefit to you because you are not the homeowner.

As a result, you need to explore renters insurance so that you have the financial protection for your furniture and other valuables. You can determine the amount of coverage that you need to cover the costs of everything that you have within the rental. This way, in the event of a storm, break-in or other event, you have the ability to make a claim and receive financial compensation for your loss.

Renters have rights, too. You may not own the property that you are living in, but that doesn’t mean you can’t protect what’s yours. All of your belongings have value and if something happens to the place that you are living in, you will want to be able to replace all of your belongings without reaching into your own pocket to do so.

There may be some instances where the homeowner or company would have to cover your losses, but it’s best to make sure you have a renters insurance policy in place to protect yourself.