Renters insurance is a policy that the renter purchases for a monthly or annual fee, depending on the length that you desire. At the core, renters insurance is basic homeowners insurance for tenants, which includes additional protection that you will need as a renter. While the structural elements of the rental property are covered by the owner or landlord, many of the things you value most are at risk if an incident occurs. Renters insurance includes personal property protection, which covers everything you own in your rental property. You also get liability coverage, meaning you are legally protected if a guest injures themselves in your apartment or house. Renters insurance also provides you with additional living expenses if some sort of disaster happens so that you can keep living without going into your pocket. Many property management companies now require renters insurance to move in, and as a resident of on-campus housing, it comes highly recommended.
There is a misconception that a landlord’s insurance policy automatically covers the tenant as well, but that is not the case. Everything you own that is inside of your rental property is at risk without renters insurance. You are also at risk and responsible for the people who come into your rental home. Renters insurance will typically range from $10-$20 per month, making it a pretty logical investment to protect yourself from medical and legal expenses as well as cover the cost of your possessions.