As a renter, you’ve got it pretty good: No property taxes, no lawn cutting, no snow removal … Just simple living!
But what would you do if you returned from work or a vacation, and all your possessions in your apartment had been destroyed by a fire? Or if there was a break-in and some of your most expensive stuff was stolen?
You may think that the building owner’s insurance will take care of all the damage caused by a fire.
Your building owner is only required to carry insurance for the structure. Usually, covering everything outside “your walls” is his responsibility, while everything inside is yours to cover.
This means all your furniture, electronics, appliances, clothing and jewelry are uninsured unless you purchase a renter’s policy.