If I do not own property, but only rent a house or apartment, do I still have a need for insurance?

Even if you do not own the building where you live, it is likely you have valuable personal items which would be expensive to replace if they are stolen or damaged by fire or some other cause. Also, you still have potential legal liability to someone who is injured on property you occupy, even if you are not the property owner. A "Renters Policy" is essentially like a Homeowners Policy but without coverage for the buildings or structures. Because of this, Renters Policies usually cost far less than Homeowners Policies.

There usually are no legal or contractual requirements to have a Renters Policy, although it is possible that, by the terms of some leases, tenants may be required to have insurance to cover their liability exposure if someone is injured on the rented premises. Leases should be read very carefully to determine what insurance, if any, a tenant is required to have.