For renters of an apartment, it initially can seem unnecessary to purchase insurance themselves. After all, the home is not theirs, so an accident of some sort would not affect them. But while, in truth, property damage might not take its toll on the renter, damage to personal property as well as liability issues can come into play. As a result, financial protection in the way of apartment rental insurance - a type of insurance catered specifically for renters - may be an advisable decision. As in all other insurances, the renter will pay a premium to an insurance company. These payments, in the event of a peril of some sort, require the insurance company to make a payment back to the lender to cover their financial obligations. Coverage options can easily differ, in that one may not necessarily offer the same extent of coverage. For renter's insurance, the three most popular elements of coverage are personal property, liability, and displacement or relocation expenses.