Yes! Renters insurance is essential for tenants because it protects their personal belongings from theft, fire, and other covered events. It also provides liability coverage if someone is injured in their rental unit, helping cover legal fees or medical bills. While your landlord insurance covers the building, it doesn't cover tenants' personal items or liabilities, requiring renters insurance an important safeguard for unexpected financial burdens. This protection offers peace of mind for both tenants and landlords and is very affordable in New York State.