There are two aspects of homeowners insurance when it comes to an apartment. The first one concerns you in case you are the owner of an apartment.
Often the owners’ association takes up group housing insurance which is shared by the apartment owners. One may however go in for an individual homeowners insurance policy.
The other insurance is about a renter who has rented an apartment for residing. This type of insurance is called Renters Insurance, and it is different and separate from the owners’ policy.
Renters insurance covers all the possession that the tenant has, against thefts, fire or other damages. It also covers any accidental damage caused to the apartment.
The cost of this insurance may start from just $12 to $15 per month. However this investment will indemnify the tenant from any legal liabilities in case of any hazard.
The basic difference between a renters insurance and homeowners insurance is that in the former you are only getting insurance cover for the contents, which includes your valuables, jewelry etc, whereas in the latter the building structure is also covered.