YES, renters insurance is required. Consider the following:

1. In most cases, a landlord’s insurance covers only structural damage to the building itself—and many landlord policies don’t even go that far if the damage is caused by a tenant. If you leave the tub running and it turns your floor into cardboard and dribbles downstairs, damaging your neighbor’s couch, you may be liable for the whole drippy mess. If your building went up in flames, your landlord’s coverage would include repairs, but only to the building, not to the possessions of tenants.
2. It’s inexpensive. Most renter’s insurance coverage costs an average of $15 monthly and significant discounts are often available for renter’s it if combined with auto insurance or other types of coverage.
3. Renter’s insurance often extends beyond on-premise theft and hazards.
4. You might be surprised at how quickly your belongings add up to significant value. According to StateFarm.com, most people own more than $35,000 worth of property.

Learn more, read our blog post What is renters’ insurance and why do you need it?

Here is funny, informative YouTube video detaining the need for renters’ insurance.