No, but many landlords require it as a lease condition. Even where it's optional, going without it leaves your belongings and liability completely unprotected.
The national average is $23/month ($276/year), ranging from about $16 to $36/month depending on state, coverage level, and insurer — some top-rated carriers average as low as $7-10/month.
Only if they're named on the policy. An unnamed roommate's belongings and liability generally need their own separate policy.
No. Flood damage is excluded from standard renters policies, just like homeowners insurance, and requires separate flood coverage, typically through the NFIP.
Renters insurance covers the tenant's belongings and liability; landlord insurance covers the building and the landlord's liability. A rental property needs both, held by two different people. See our renters vs. landlord insurance guide for a full comparison.
Yes — most major carriers, especially digital-first insurers like Lemonade, can issue a policy within minutes of completing a quote online.