Do I need tenant insurance?

Before a landlord agrees to rent to you, they might ask you to get tenant insurance. The law allows a landlord to require insurance. Tenant insurance is sometimes called renter's insurance or rental insurance.

Tenant insurance is like other kinds of insurance. You pay an insurer a certain amount every month or year. In exchange, if your belongings get damaged, the insurer will usually cover the cost of repairing or replacing them. Tenant insurance also often covers your living expenses if you can't live in your home because of an event like a flood or fire. And it can cover costs if you accidentally cause damage or hurt someone at the rental unit.

Your insurance agreement explains what the insurer will pay for and how much they will pay.

Different insurance companies can charge very different prices for tenant insurance. It's a good idea to look at different plans and find one that is best for you. And remember, even after you sign with one insurance company, you can always ask for a better rate, or find another company if the rate goes up.