Renters insurance isn't always something people seek out. It seems like an expense you may not want to have. However, there are some key benefits to having this type of insurance in place. The most obvious reason is that your landlord's insurance isn't going to cover your own property in the event of a fire or flood; plus, your landlord’s insurance will not provide you with protection should someone get injured within your apartment. Beyond this, there are several key reasons why you don't want to put off purchasing renters insurance.
#1: Renters Insurance Offers a Significant Amount of Protection
Most renters don't realize the amount of risk they face that isn't specifically covered under a property owner's policy. But renters insurance can help cover many types of risk, including: 
- Fire or lightning
- Ice, snow and sleet
- Damage from interior water-related incidents, such as from broken pipes
- Smoke
- Theft
- Vandalism or malicious mischief
- Damage from aircraft or vehicles
- Explosions
- Falling objects
- Hail and windstorm damage
It’s important to look at your policy to see what specifically is listed. Some policies have specific exclusions too, such as for floods and earthquakes.
#2: You'll Appreciate the Liability Coverage
Renters insurance provides liability coverage to you. This includes instances when someone else is hurt as a result of your actions or inactions. These legal expenses can be very high otherwise. Many policies provide up to $100,000 (but this will range depending on your policy), plus more for medical payments coverage. You may also want to consider an umbrella policy that can further extend your coverage. If someone falls or trips on a cord and is seriously hurt, you'll appreciate this component of your policy.
#3: It Can Help When You’re Traveling
Renters insurance is also helpful because it can help cover your personal belongings while you are traveling. This includes your belongings within your home or car. If you face a theft loss, for example, from your car, this policy can help cover it. Be sure to check exclusions for this specific need as well.
Renters insurance is sometimes required by landlords. Even when it is not, it can be a worthwhile investment for renters.