26 Mar I’m getting my first apartment. Do I need rental insurance?

Q. I’m renting my first apartment. The landlord says I need to get rental insurance. I don’t have a lot of money. What should I do?
— On my own

A. Congrats on your new digs!

Rental insurance is really important for any tenant.

Most rental insurance will pay if your personal property is damaged or destroyed by a covered loss. You may also get additional living expenses if you have to move because your rental is uninhabitable. Policies may provide a certain amount of personal liability coverage, and even pay medical bills if someone is hurt in your rental.

While the costs of all insurance policies have gone up a lot in recent years, tenant policies are relatively inexpensive at about $10 to $20 a month, depending on the policy specifics.

Many insurance companies offer monthly payment plans rather than requiring you to pay a whole year of premiums at once, though the payment plans usually include an extra fee.

The state Department of Banking and Insurance offers this guide.

Email your questions to .

This story was originally published in March 2026. 

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.