Many people think their landlord’s insurance protects them, but you need renter’s insurance for your personal possessions. A basic renter’s insurance policy only costs about $200 a year. Your landlord’s insurance takes care of any structural damage to your apartment as the result of a fire or even some wild weather. It won’t, however, pay to replace your personal possessions. A renter’s policy typically protects your belongings from damage from fire, lightning, windstorm, theft, vehicles, aircraft, building collapse, vandalism and falling objects. If you own a car, renter’s insurance usually covers any personal items if they are stolen from your vehicle.