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Do you need renters insurance?

What renters insurance covers and doesn’t, replacement cost vs actual cash value, typical costs, and making a home inventory.

Quick answer

Your landlord’s insurance covers the building, not your belongings. Renters insurance usually covers your things against fire and theft, liability if someone is hurt or you damage something, and living costs if your home becomes unlivable. Floods and earthquakes need separate coverage, and roommates usually need their own policy. Choose replacement cost if you can. Many policies cost well under $30 a month. Make a quick video inventory.

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Your checklist

  • Know landlord insurance doesn’t cover your stuff
  • It covers belongings, liability and living costs
  • Floods and quakes need separate coverage
  • Choose replacement cost
  • It’s often under $30 a month
  • Make a phone video inventory

Rather read it? Here’s the whole thing.

Why you need it

Your landlord’s policy covers the building, not your belongings or your liability. Many leases require renters insurance.

What it usually covers

  • Personal property: your things, from risks like fire, smoke, theft and some water damage, often even when they’re away from home.
  • Liability: if someone is hurt at your place or you accidentally damage someone else’s property.
  • Additional living expenses: hotel and extra costs if your home becomes unlivable after a covered loss.

What it usually doesn’t

Floods and earthquakes (separate policies), your roommate’s belongings, and high-value items like jewelry beyond set limits unless you add coverage.

Choosing a policy

  • Replacement cost pays to buy new items; actual cash value pays what used items were worth.
  • Pick a deductible you can afford.
  • Bundling with car insurance often saves money.

Cost

Many policies cost well under $30 a month, depending on location and coverage.

Make an inventory

Record a video of your belongings and keep receipts for big items.

Official sources, and where to look

To find your local office, search for:

  • renters insurance quotes compare
  • [your state] department of insurance renters

Pick sites that end in .gov. Official forms are almost always free.

Common questions

Does renters insurance cover my roommate?

Usually not unless they’re named on the policy. Most roommates get their own. More ›

Does renters insurance cover my car?

Not the car itself; that’s auto insurance. It may cover belongings stolen from your car. More ›

What does renters insurance cover?

Usually your belongings against risks like fire and theft, your liability if someone is hurt or you damage property, and extra living costs if your home becomes unlivable. More ›

How much does renters insurance cost?

Many policies cost well under $30 a month, depending on where you live, your coverage limits and deductible. More ›

Is renters insurance required?

Not by law, but many landlords require it in the lease. More ›

Does renters insurance cover water damage?

It often covers sudden water damage, like a burst pipe, but not flooding from outside, which needs separate flood insurance. More ›

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Not yet reviewed by an expert. Last checked 2026-10-29. This is general help, not legal, medical or professional advice. Rules are different in every state.