The majority of Red Cross responses that I work with are with people that rent and do not have renter’s insurance. When a fire occurs, and it may not even originate in your apartment, your landlord is not liable for your contents. I recommend you look around your apartment, and if you have more than $300 of items in your apartment, you really need to get renter’s insurance.
Renters insurance cost depends on location, deductible amount, and the insurance company. According to the Insurance Information Institute, the average cost of renters insurance is $150 to $300 per year. This buys $30,000 to $35,000 of coverage for personal belongings and $100,000 to $300,000 of liability protection.
What Is included:
The policy typically includes replacement costs of personal property resulting from fire, smoke, explosions, vandalism, theft, electrical damage and more, depending on the policy. Most policies cover expenses related to temporary housing and food as well.
Here is a link to a good reference for more information on renters insurance: