Question
Is renters insurance required?
Short answer
No law requires it, but many landlords do. If your lease says you need it, you have to buy it to keep the lease.
When you have to have it
No state requires tenants to carry renters insurance. A landlord can require it in the lease, and many do, especially larger apartment buildings. The lease usually sets a minimum liability limit, often $100,000, and asks you to list the landlord as an "interested party" so they hear if the policy lapses.
Why it's worth having anyway
The landlord's insurance covers the building, not you. Without your own policy, you pay for these yourself:
- Your belongings after a fire, theft, smoke or a burst pipe, including things stolen from your car.
- A hotel and meals if the apartment becomes unlivable after a covered loss (loss of use).
- Damage you cause, like an overflowing bathtub that ruins the unit below, and injuries to guests (personal liability).
It's one of the cheaper policies you can buy, often less than a streaming subscription or two per month.
What it doesn't cover
- Flood and earthquake damage. Each needs its own policy.
- Your roommate's things, unless they're named on your policy.
- Pests like bedbugs.
This is general information about how US policies usually work. Your own policy's wording and your state's rules decide the details.