A common misconception among renters is that their landlord is responsible for their personal property. They are not. If there is a fire, a break-in, or water damage, your landlord covers the building -- not your furniture, electronics, or clothing.

Renters insurance is one of the most affordable policies you can carry, and it covers more than most people expect: personal property, liability if someone is hurt in your unit, and even temporary housing if your apartment becomes unlivable.