Renters insurance provides low-cost coverage for your personal belongings, so you can recover from loss, damage or theft. It also covers your personal liability. Your landlord’s policy covers the building and grounds, but will not reimburse you for the costs of your personal items in the event of a loss, or cover the costs of injuries or damage that happen inside your apartment space.
Landlords insure their rental properties with homeowners or landlords insurance. These policies provide coverage for the structure of the building, any personal property the landlord owns (such as appliances and carpeting) and liability for injuries due to the property owner’s negligence in upkeep or safety of the property.
But in the event that your personal belongings and valuables are destroyed in a building fire or stolen by a thief, you need to have a renters insurance policy in place to cover your losses. If you do not have such a policy, you will need to recover from your loss out of pocket.
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