Is renters insurance mandatory?

I'm apartment hunting and I'm working with a small budget. I don't want to pay for renters insurance if I don't have to. Is it mandatory?

Answer
Renters insurance is not required by the state. However, a management company or landlord can require tenants to carry renters insurance. Renters insurance is important because if a tenant accidentally damages the residence, the owner can sue them for property damage. The liability coverage on the renters insurance policy will typically pay for the damage and legal fees.
It is also important for tenants because the owner of the property is not able to insure their belongings. Renters insurance can provide protection from perils like fire and theft and pay to replace tenants’ belongings.
For more information on this topic, check out this article: Can a Landlord Force You to Have Renters Insurance?.
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Savannah Grabek
Answered on Mar 08, 2021
Savannah Grabek is an expert in Personal Lines insurance. She has 5 years experience in the insurance industry. Savannah began her carrier working with just property insurance and is now tenured in all personal line including home, auto, motorcycle, boat and umbrella. She previously worked for GEICO and has now been working with Jerry insurance for the past year. Savannah lives in New York with her son, fiancé, and puppy Bear. In her free time she enjoys spending quality time with her family and hiking with her dog.
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