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Renters insurance is important because your possessions are not protected by the landlord’s insurance policy. Landlord insurance covers damage to the building but does not protect your possessions. Another good reason to have renters insurance is for protection against liability claims. The liability portion of your renters insurance will provide compensation if a visitor to your rented home is injured. If that person files a lawsuit against you, your renter’s liability insurance will also help to cover the costs of your legal defense. Renters insurance can also cover temporary accommodations in the event that you have to live elsewhere while your rental is being repaired due to fire, smoke or water damage.

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