Homeowners aren't the only people who need insurance. If a pipe bursts and floods your apartment, the landlord may replace the carpet, but the damage to your clothes, furniture, or other items is your responsibility. Renters should make an inventory list just like homeowners do and get a policy to cover their personal property. Write down all the information about each item, including model and serial numbers, purchase date, and estimated current value. Some policies have limits for things like jewelry or computers. If necessary, invest in additional coverage for these items. Accompany your list with a photographic or video record of your belongings and store it away from your apartment. Your insurance agent may also want a copy. Don't forget liability insurance. If a guest slips and falls in your bathroom or gets bitten by your dog, you're liable for damages.
