A lot of tenants mistakenly think they don't need renters insurance because the property is covered by landlord insurance. Unfortunately, your landlord's property insurance only covers the building and surrounding area, and won't protect your personal belongings, liability, or additional living expenses.
Many renters underestimate the value of their belongings. If you make a list of how much it would cost you to replace the items in your apartment, you'll start to see why renters insurance is important. Your landlord's insurance does not cover damaged or lost property due to perils such as theft, fire, smoke, vandalism, and more but your renter's insurance does. When something happens inside your apartment, it's your responsibility to cover the cost. The next section will discuss in detail the situations in which renters insurance would be useful.