Are you required to have renters insurance?

Is renters insurance required in the U.S.?

No state requires renters insurance — regardless of what kind of rental you have. Your landlord or rental company may carry an insurance policy that assumes risk for individuals living in the dwelling where the owner of the property doesn't reside.

Why should you consider renters insurance?

Even if your rental home or building is covered in some way by another policy, that doesn't necessarily mean you should skip renters insurance. A renters policy protects tenants in several ways, such as:

• Liability protection – if you're deemed liable for someone's injuries or damages, your personal liability coverage may cover associated costs, up to your policy's limit.
• Insurance for your belongings – if you experience a covered loss such as theft, vandalism, or fire, personal property coverage may pay to repair or replace damaged or lost items, up to your coverage limit and minus any deductible.
• Additional living expenses – if your home is uninhabitable due to a fire, flooding, or another covered event, loss of use coverage may help pay for temporary housing as well as grocery costs, above what you normally spend.

What is landlord insurance?

A Dwelling Fire policy, often referred to as landlord insurance can cover the landlord's rental property and may offer protection from financial loss if the landlord has tenants. Landlord insurance doesn't protect a renter's belongings. This insurance protects the home or structure that's rented and provides personal liability coverage. Like homeowners insurance, landlord insurance protects property against fire damage, storm damage, lightning, wind, and hail.

Do you need renters insurance before signing a lease?

If a landlord does require renters insurance, they may require proof before you move in. Keep in mind that not carrying a renters insurance policy when it's a requirement of your lease could result in a violation of your lease terms. That alone could allow your landlord to terminate your lease with a written notice, which would require you to move out and find a new place.

How much does renters insurance cost, and how much will you need?

Renters policies through Progressive are typically less than $1 a day,^* but the cost of renters insurance varies based on your location, type of residence, and other factors.

Figuring out how much renters insurance you may need depends on the value of your personal belongings and assets. Taking a home inventory can help calculate the amount of personal property coverage you need. Your liability coverage limit should be enough to cover your net worth, which can be determined by adding up your assets, such as checking, savings, and retirement accounts and then subtracting your debt.

Get affordable renters insurance through Progressive