What is renter’s insurance and do I need it?

Photo of Legacy at Hibiscus Park ApartmentsMake sure your belongings are safe in the case of an emergency with renter's insurance.

Renting an apartment doesn't mean you can't have the same protection people who live in a house have with homeowners' insurance. Your landlord or the property management company of the complex has insurance, but it'll only cover the building you live in, not your belongings or your liability for accidents. Accidents do happen and it's always good to know you're covered.

Some places may not require you to have renter's insurance. However, in the case that your possessions are stolen during a break-in or damaged by a fire, renter's insurance can help you recover their value. And if someone is injured in your apartment, renter's insurance can protect you in a liability lawsuit.

”But I don't even own that much,” you're thinking to yourself. Not true! Sure you may not have that much in your apartment, but it adds up quickly and often valued much more than you may think. Renter's insurance policies aren't that expensive and depending on your insurance company, it can be bundled with another policy you may have.

Like it was mentioned before, read over your lease and see whether or not renter's insurance is required. Even if it's not, talk it over with your insurance agent and see what affordable options there are for you. Take action to keep your belongings safe before an accident happens, not after it happens.

These are the opinions of writers and not the opinions of SunStateApartments.com or any of our advertising partners.