A question that sometimes drives me hazy: am I or are the others crazy? - Albert Einstein
You do not need to own your home to get renters insurance. Whether you are renting a house or apartment, renters insurance can safeguard your personal property against theft, fire, vandalism, and other unexpected occurrences. It covers furniture, clothing, appliances, as well as valuables that are often stolen like bikes and laptops. Even if your bike is stolen outdoors, it can still be covered by the renters insurance. If a fire or other disaster removes you from your home, the insurance can cover the costs of a place to live until you can move back in.
Further, renters insurance can also help safeguard you in case of a liability lawsuit. This can be a relief to you when you are held accountable for damage to someone else's property and injury to someone else. The incident did not have to have happened in your rented home. It could have occurred elsewhere.
If you want discounts, you can purchase multiple insurance policies from one provider. Some people have a renters and auto insurance policy from one source and so they enjoy premium discounts. You can also qualify for further discounts if you have home alert devices like smoke and fire detectors and burglar alarms.
Further, you may be able to lower your premiums if you pay higher deductibles. While higher deductibles lower your premium, they increase the amount you must pay out of your own pocket if in the case of a loss that your renters insurance policy covers. Determine how much you are willing to pay from your pocket in order to save on the premium.