Renters insurance, also known as HO-4 insurance, is not required by law. However, your landlord or property management company can legally require you to have it as part of your lease agreement.

Renters insurance is insurance to protect your personal belongings and liability if someone were to get hurt in your home and sue you.

Read on to learn more about how much may be required, what it covers and which companies other renters recommend.

How much renters insurance coverage do landlords require?

If your landlord requires you to purchase renters insurance, it’s likely stated in your lease agreement how much coverage you’re required to have. You may want to consider higher coverage limits if you believe your belongings are worth more than what the minimum coverage offers.

What does renters insurance cover?

Renters insurance typically provides coverage for your personal property as well as liability protection, medical payments coverage and loss of use coverage. Sometimes these coverages are add-ons, so be sure to review your policy.

• Personal property: If your personal belongings, such as your TV, laptop, furniture, or clothes, are damaged or destroyed by a covered peril you’re covered by your renters insurance policy.
• Liability coverage: This protects you against the legal liability, such as being sued for an injury that occurred on your property. You’re protected with your HO-4 policy, though sometimes it may be an additional cost to obtain liability coverage.
• Medical payments: This pays for reasonable medical expenses if someone were to get injured in your home.
• Loss of use: If your residence becomes uninhabitable due to a covered peril, your renters insurance policy will cover some of your additional living expenses.

Why your landlord requires renters insurance

There are several reasons why your landlord or property management company may require you to obtain renters insurance. Inevitably, it protects landlords from accidental damage and potential lawsuits.

It may also help your landlord save money on their own insurance if you were to file a claim through your policy instead of your landlord needing to file a claim.

Landlord insurance covers the structure of the building and anything they furnish in your apartment, but they don’t have coverage for your own belongings. You can read more about the differences between landlord insurance and renters insurance.

Should I get renters insurance even if my landlord doesn’t require it?

It would be a smart choice to purchase renters insurance even if your landlord doesn't require it. If an accidental fire damaged all the belongings in your apartment or if someone were to get injured in your home, you want to guarantee you’re protected through insurance and not have to pay the cost out-of-pocket.

Renters insurance averages less than $200 per year, so it’s a small monthly cost to ensure all of your belongings are protected. To find a good renters insurance company for your needs, see which companies other renters recommend in your area with these renters insurance rankings.

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