Renter's insurance may seem less important than home insurance or car insurance. Although renter's insurance is not required by law, it is equally necessary for tenants. When you are renting a place you will need renters insurance to protect yourself from different financial risks. If you don't own your property, you may want to consider renter's insurance.
There are two types of renter insurance: one that covers contents and one that covers liability. Tenants may face many unexpected financial loses including: theft, damage and legal costs. Such disasters as hurricanes, earthquakes, fires and floods happen all the time. Renters insurance will cover contents of your propriety up to the amount the policy holder is insured for. By contents we are talking about your electronics, furniture, jewelery and musical/sports equipment.
Renter's liability insurance on the other hand will cover expenses you may be liable for. If someone injures himself on your rented property, renter's insurance will cover legal fees and medical bill claims.
Policies can greatly vary between states and companies. Keep in mind, as with any type of insurance policy, you may want to check with your agent on specific coverages. Search the internet for quotes that are worth the level of protection that you receive.