Most homeowners, landlords, or property managers will carry insurance to cover their property.  This includes the structure or structures on the property, appliances that were already in the house or apartment, or any other item that is part of the house or apartment you are renting.  However, in the event of a fire, flood, earthquake, tornado or some other disaster personal property is not covered by their insurance, this is where renters insurance is valuable.

Renters insurance covers your personal property, and other things of value.  Another thing renters insurance covers, that many do not think about, is if there is a disaster, like a fire, or damage to the dwelling from a storm, repairs will be needed.  Where will you go if the building is not habitable for a period of time?  Renters insurance will often cover the cost of a motel or another place to live while repairs are being done.

Also, if someone broke into your home and damaged or vandalized your possessions, if arson occurred, or you had property stolen, your renters insurance would cover the cost of the damage to your property.  Then the company you have renters insurance with would try to recover their costs from whoever is responsible. Renters insurance is truly valuable coverage for your personal possessions.