For most renters, yes. A landlord\u2019s policy protects the building, not your personal belongings or liability. A renters (HO\u20114) policy is the primary way to cover your property and legal exposure, and adoption has climbed in recent years: roughly 55%\u201360% of U.S. renters now report having renters insurance, according to recent polling summarized by the Insurance Information Institute<\/a>, with independent summaries showing similar mid\u2011to\u2011high\u201150% penetration. Growing lease requirements at professionally managed properties have contributed to this increase (NMHC<\/a>). Digital-first, embedded purchase options at lease signing also make it easier to buy and verify coverage (J.D. Power<\/a>).<\/p>\n\n Cost is typically modest compared with what it would take to replace your stuff. In 2025, a typical renters policy averages about $200\u2013$220 per year ($17\u2013$18 per month) for common coverage levels, with many renters paying $150\u2013$250 depending on location, limits, and discounts. This updates the latest finalized NAIC\/industry benchmark (about $173 in 2022) using recent inflation in the BLS \u201ctenants\u2019 and household insurance\u201d index and aligns with current quote studies (Insurance Information Institute<\/a>; BLS CPI<\/a>; Bankrate<\/a>; NerdWallet<\/a>; Forbes Advisor<\/a>). Standard renters policies cover losses like fire, theft, and certain wind\/water damage from sudden events, but they generally exclude flood, earthquake, landslide, and mudslide.<\/p>\n\n Protection goes beyond belongings: policies typically include Additional Living Expenses if a covered loss makes your home uninhabitable, no\u2011fault medical payments to others, and personal liability if you\u2019re sued\u2014often starting at $100,000 with options to raise limits. Insurers generally provide and pay for your legal defense (subject to policy terms) in addition to liability limits, a key value of renters insurance (III: Renters insurance overview<\/a>; NAIC consumer guidance<\/a>; IRMI<\/a>). If you host guests, have a dog, or want more protection, many carriers offer $300k\u2013$500k liability options and personal umbrella policies for added coverage (III: Umbrella<\/a>).<\/p>\n\n Landlords\u2019 property insurance will not replace your belongings or cover your liability. Today, about 55%\u201360% of renters carry their own policy\u2014up from roughly 40% in the mid\u20112010s\u2014driven by lease requirements, easier digital purchasing, and heightened awareness after severe weather and fire events (Insurance Information Institute<\/a>; ValuePenguin<\/a>; Forbes Advisor<\/a>; J.D. Power<\/a>).<\/p>\n\nThe case for renters insurance<\/h2>\n\n
Average Annual Insurance Premiums<\/h2>\n\n