No, you do not need it, but more often now, landlords and owners are requiring it prior to renting, both in long and short-term rentals. For many renters, insurance can be valuable to protect against devastating financial consequences, and at an average cost of around $15.00 a month, it is a cheap way to protect your valuable property that is often worth, tens of thousands of dollars.
Despite what many renters believe, landlords, owners and management companies DO NOT cover their personal property or personal liability, such as a dog bite. Generally, property insurance only covers the building. Renters are solely responsible for insuring themselves against personal property damage, personal liability, or loss.
No matter how careful you think you are, renters are strongly encouraged to specifically protect themselves against liability. And liability coverage isn’t just for inside the home. Renters Insurance coverage can travel with you, as you travel.