If you were an owner, instead of a renter, would you leave your home without homeowners insurance? Probably not. As a renter, everything you own is exposed to the same risks and liabilities as if you were a homeowner.

Many renters rely on the landlord's insurance policy to cover damages to their personal property and are surprised to discover that such policy only covers the property in which they live, and not any of their personal possessions or their personal liability. Most renters insurance policies cover items, up to the policy limit, that are damaged, destroyed, or stolen, due to a covered event such as a fire, theft, vandalism, smoke, explosion, or certain disasters like hurricanes. Personal liability provides financial protection if someone slips and falls in your home, or is otherwise injured through your negligence. A liability policy will also pay the property owner for the damage to the unit as a result of fire, smoke, explosion, or water damage caused by your negligence.

Maybe you don't think you own very much, or that if something should happen you can pay for it little by little. Think again. Your clothing, electronics, furniture, appliances, and other miscellaneous household items can add up to quite a lot.

As a renter you are responsible for your personal property and liability and you cannot rely on someone else to cover your losses. Renters Insurance provides the necessary coverage that your landlord's policy simply does not cover.