As a tenant, are you required to purchase insurance for your home?

As a tenant, are you required to purchase insurance for your home?

As a tenant, you are expected to maintain your home well and leave it in as good a condition as possible when your lease ends. 

Taking out damage or fire insurance as a tenant is not required by law, but it is often included as an obligation in the rental agreement. This is to protect both tenant and landlord. 

What is best to insure yourself for?

As a tenant, it is best to be insured against water damage, fire damage, storm damage, broken glass, natural disasters and theft. You are usually asked to put a value on your household effects (furniture, clothing and other personal items). In this way, these items are also insured against damage within the terms and conditions of the insurance policy you have taken out.

It is also often recommended to insure 'third party liability'. Suppose that a fire in your rental property also causes damage in the neighbor's home, then there can be an intervention in the compensation of the damage to the neighbors.