Renters insurance typically covers three main areas:

Personal Property: It helps replace or repair your belongings if they're damaged or stolen due to covered events like fire, theft, or vandalism.

Liability Protection: It provides coverage if someone is injured while visiting your rented property, and you're found responsible. It also includes legal expenses.

Additional Living Expenses: If your home becomes temporarily uninhabitable due to a covered event, renters insurance can cover the cost of alternative accommodations, meals, and more.

The amount of renters insurance you need depends on the value of your belongings and your specific circumstances. To determine the appropriate coverage:

Inventory Your Belongings: Document your possessions, including their estimated value.

Consider Liability: Think about the level of liability protection you need based on your assets and potential risks.

Calculate Additional Living Expenses: Estimate how much you might spend on alternative accommodations if your home becomes unlivable.

Talk to an Agent: Consult with an insurance agent who can provide personalized guidance to ensure you have adequate coverage.

Renters insurance is generally not required by law, but some landlords may make it a mandatory part of their lease agreements. Even if it's not required, it's highly recommended for your protection. Without renters insurance, you risk bearing the full financial burden of property damage, theft, or liability claims. It's an affordable way to secure your assets and have peace of mind in case of unexpected events.