Renters’ insurance is an insurance policy which provides most of the benefits of homeowners’ insurance. This includes liability insurance. The tenant’s personal property is also covered against named perils such as fire, theft and vandalism. Renters’ insurance does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure. The owner of the building is responsible for insuring it, but bears no responsibility for the tenant’s belongings

The cost of renters insurance and the amount of personal property coverage you need depends on how much your property is worth. To get a better understanding of your coverage needs, ask yourself the following questions:

• How much are my belongings worth?
• Could I afford to buy it all back again if it were destroyed in a fire or stolen?
• What would I do in the event of a liability lawsuit against me?