Renters insurance typically includes:

- Personal property coverage – protects your belongings (e.g., furniture, electronics, clothing) from theft, fire, vandalism, and certain other risks.

- Liability coverage – covers you if someone is injured in your rental or if you accidentally damage someone else’s property.

- Loss of use – helps pay for temporary housing and living expenses if your rental becomes uninhabitable due to a covered event (like a fire or flood).

That depends on the value of your belongings and your potential liability risk. A common policy might provide $20,000–$50,000 in personal property coverage and $100,000 or more in liability coverage. Taking a home inventory can help you decide how much protection you need.

No. Renters insurance typically only covers the policyholder's property (and sometimes immediate family). Each roommate should have their own renters insurance policy unless they are specifically listed on yours.

No, it’s not legally required, but many landlords require it as part of your lease agreement. Even if it’s not required, it’s a smart and affordable way to protect your belongings and finances.

Renters insurance is very affordable — usually around $10 to $25 per month, depending on your coverage amounts, deductible, location, and any add-ons (like coverage for expensive electronics or jewelry).