What Is Renters Insurance?
The first thing people think about when they rent a new place is getting renters insurance to protect their belongings, right? No, not really. Almost all homeowners have homeowners insurance—95 percent of them, according to the Insurance Information Institute. Mortgage lenders require it, after all. But only about 40 percent of renters buy renters insurance. If you’re a renter, you may be wondering: What is renters insurance? And how much does it cost?