If you rent an apartment or own a condominium, you need insurance to protect your belongings. While your landlord or condo association might have insurance, it only protects the building. Your belongings are not covered under those policies.
A common mistake that many renters make is that they don't purchase insurance to protect their belongings. Most don't even think about what could happen in the event of a fire or flood. Although most landlords have insurance, it does not cover a renter's belongings at all.

Actually if you are a renter and accidentally cause a fire, you will be held responsible to your landlord's insurance company. For these reasons, and many more it is worth the money to pay for peace of mind and security. Many renters insurance policies are as inexpensive as 10 dollars per month and enable you to replace items lost or stolen in a fire or burglary.
Just because you don't own your property does not mean that the items you own aren't worth protecting. Many renters believe that their possessions, usually basic furnishings, TV and stereo equipment, aren't worth protecting. But when you add the value of all of these items together it can really add up.

Depending on the policy you get, there are a number of items that renters insurance will cover. For example, most renters insurance covers personal property subject to the specific policy's limits. Basic renters insurance will also cover your property even if you are away on vacation. In this instance if your clothing is stolen while you are out of your home you are still covered.

The caveat to these insurance policies for renters is that there are normally policy limits on items such as jewelry, computers, furs and rugs that have been manufactured outside of the United States. You can always ask to check a complete list of items that are/are not covered with your insurance carrier. In nearly all instances of renters insurance you are protected if your property is damaged due to a fire, burglary or vandalism.

The great thing about renters insurance is that it not only covers you against personal property damage, but also against damages resulting from bodily injury and property damage for which you are legally liable. What this basically means is that you are covered in the event that you cause any damages from the action of your pets, unintended acts by you or your immediate family or injuries incurred from the use of your residence, such as a swimming pool. The bottom line is that having a Renters Insurance Policy can protect you in the event that any one of these unforeseen incidents occurs.