While the owner is responsible for insuring the actual house,unit or apartment a renter lives in,any possessions inside a property should be insured by the tenant themselves. So,while rentersdon exactly need house insurancewhen renting,they do need coverage for their stuff via contents insurance,also sometimes called renters?insurance.
People also ask
Do I need renters insurance?
And How Much Should I Get? You’ll only need renters insurance if your landlord or your building requires it. While not required otherwise, anyone renting any type of residence long-term ?be it an apartment or single-family home ?should strongly consider purchasing a renters insurance policy.
What happens if your landlord does not have renters insurance?
Your landlord insurance won cover you Some landlords require their tenants to have renters insurance, but if yours doesn, it not because they檝e got you covered. 淢any renters [believe] that, since their landlord has insurance, it covers damage to their property.
Who is responsible for insurance when renting a house?
Whatever type of renter you are, your policy will insure against theft, vandalism, or damage by fire or water. If you檙e renting the whole home, whether solo, with your partner or as a family, your landlord will be responsible for insuring the physical building.
Is renters insurance cheaper than homeowners insurance?
While homeowners, earthquake and flood insurance can be expensive, renters insurance is comparatively cheap. The average annual renters insurance premium in the U.S. is $187, well below the average homeowners insurance policy cost of $1,083 per year.