Many renters do not consider their insurance needs because they believe only “homeowners” need insurance. However, renters need protection for their personal possessions and from liability. Below are some renters insurance facts that you need to consider.

 Your personal belongings are not protected by the landlord’s insurance. Property owners insurance covers the actual building and any contents belonging to the landlord, but seldom covers the tenant’s possessions. Clarify this with your landlord before signing a lease

 Renters insurance is not very expensive. Renters insurance is typically available for as little as $100 a year, to get a renters insurance quote click here.

 If you are a renter that lives on the ground floor you should also consider buying flood insurance.

 Your landlord may not be liable if someone is injured within your rented residence. You should check your renter’s agreement to see if you will be held liable for injury or property damage that occurs in your residence; if so you should consider getting renters insurance.

 If you have roommates it is best if you all have separate policies, as you don’t want to be held responsible for someone else’s carelessness and negligence.