Do I really need renters insurance if my apartment building already has insurance?

Yes. Your landlord's policy covers the building structure, not your belongings or your liability. If a fire, theft, or burst pipe destroys your electronics, furniture, and clothes, only your own renters policy reimburses you. It also covers your legal liability if a guest is injured in your unit or if you accidentally cause damage, plus additional living expenses if your unit becomes uninhabitable.

Renters insurance is one of the best values in insurance, often $15 to $25 a month for tens of thousands in coverage. Choose replacement-cost rather than actual-cash-value coverage so you're paid what it costs to rebuy items new. Consider a rider for high-value items like jewelry, cameras, or an engagement ring, which have low sub-limits.