You've moved into a new apartment you have a lot to do: setting up telephone and cable service, letting people know your new address, deciding how to arrange your living room--the last thing you're thinking about is insurance.

If you live in a condominium or rent an apartment, your landlord's or condo association's insurance should cover damages to the building--meaning the structure itself. But such a policy only covers their building and NOT your belongings. That's why you should have renter's insurance. Regardless of whether you live in a house, condo, or apartment, replacing your stuff or defending yourself against a liability lawsuit can take a big toll on your bank account.

HO-4 insurance policy are for renters covering: