One common misconception among many people who rent their homes is that they are covered under their landlord’s insurance in case of an accident, burglary, or other disaster. Let me dispel that myth: Landlords typically only insure the building and any fixtures they own, so renters are responsible for lost or damaged possessions. And, if someone has an accident in your apartment, you’re liable.
Given this level of risk exposure, it’s surprising that up to two-thirds of renters don't have insurance. You may feel your belongings aren’t worth insuring, but suppose you had an electrical fire or burst pipe: Think how much it would cost to replace your possessions – not to mention pay for alternate housing during repairs.