Do I need renters insurance?

Short answer is YES!  Renters insurance is relatively inexpensive – $15-$20 per month for most units.  It comes in two types – liability coverage and contents coverage.  You want both.  That way, it not only protects your belongings from damage or theft, but it also protects you against any liability for damage to the apartment.  Let’s say you forget and leave the bathtub running.  It leaks all over your bathroom and drips down into the apartment below you.  You would not only be out-of-pocket for the damage to your own unit and your own belongings, but you would have to pay to repair the damage and belongings of the other tenant as well.  That could eat up three years’ worth of premiums in one incident.  You may still have to pay a deductible on the damage, but it will be far less than the entire cost of the repair.  Many units are starting to require renters to carry insurance, but even if yours does not, it is always a smart idea.