Many renters don't realize that their belongings aren't protected from theft or damage through the insurance held by a landlord or property management company. To cover the contents of a rented home or apartment, a renters insurance policy is needed. Imagine there is a fire in the apartment that engulfs the kitchen and living room.
The landlord insurance policy will replace and repair the walls, replace the windows, and ensure that the space is structurally sound. The tenant is completely responsible for replacing the couch, dishes, and HD television. Without renters insurance, the out-of-pocket expenses can be tremendous after a disaster.