Do I need renters insurance?

What Renters Insurance Covers

Renters insurance (also called HO-4 insurance) typically covers three things: your personal property (furniture, electronics, clothing) against theft, fire, and certain disasters; liability if someone is injured in your unit; and additional living expenses if your apartment becomes uninhabitable due to a covered event.

Is It Required?

No state law requires renters insurance. However, many landlords include a renters insurance requirement in the lease, and this is generally enforceable. If your lease requires it and you don't have it, you could be in violation of your lease terms.

Why It's Worth It Even If Not Required

Renters insurance is one of the best values in personal finance. For $15-$30 per month, you get coverage that could save you thousands. Your landlord's insurance covers the building but does NOT cover your personal belongings. Without renters insurance, a fire, theft, or water damage could mean losing everything with no reimbursement.

What to Look For in a Policy

Key things to compare: replacement cost vs. actual cash value coverage (replacement cost is better), the deductible amount, coverage limits for high-value items like electronics or jewelry, and whether the policy covers your specific risks (e.g., flood coverage is usually a separate add-on).

How Your Lease Handles It

Your lease may specify minimum coverage amounts, require you to name the landlord as an "additional interested party," or include other insurance-related requirements. Upload your lease to Honestkey™ and we'll highlight exactly what's required and whether the terms are standard.