Renting an apartment or a room can be convenient for some in terms of mortgage payments, state or city homeowner policies compliance, and insurance obligations. However, the insurance relief is not necessarily true. Many renters believe that since their landlords have the mandatory property insurance policy for the building they are renting out, tenants get the same protection by virtue of the landlord’s insurance coverage. This is not true at all. The fact is, your landlord’s policy does not cover any the tenant’s personal property. In order to have protection for their personal property, acquiring a renters insurance is one of the smartest decisions a renter can make. A renters insurance is a coverage for a possible loss or damage to personal property that occurred in a rented space like an apartment, a room, a flat or even a dormitory. By having a renters insurance, tenants are assured that their personal belongings are protected in case of any untoward incident involving their rented units. Personal property risks in rented spaces or units include fire, burglary or theft, flood, sewerage malfunction, accidental crashes into the building, and other incidents. A renters insurance also covers indemnity for losses or damages when an accident occurs in your rented space. For instance, if a house guest had a slip-and-fall accident, the expenses for medication resulting from the accident can be covered by your renter’s insurance.