Many people just getting started on their financial journey are also first-time renters. However, something they may not know much about is renters insurance. Renters insurance provides coverage for losses due to damage or destruction of your rental, whether it be a house, apartment, condo, etc.

Is it required? Nope. Renters insurance is not required by state or federal law, but keep in mind that it may be by the person you’re renting from.

Financial Beginnings is a national 501(c)(3) nonprofit that empowers youth and adults to take control of their financial futures. Their educational programs incorporate all aspects of personal finance to give individuals the foundation they need to make informed financial decisions. Financial Beginnings reaches more than 200 K-12 schools and colleges and more than 100 community-based organizations annually, serving all groups with special focus on populations most in need. For more information, visit www.financialbeginnings.org.