Renters insurance was specifically designed to help repair or replace your belongings if they're stolen or damaged in a covered incident. It could also help cover additional living expenses if you're ever forced out of your apartment by a covered loss.

According to Trulia, as a tenant, your lease may specify you are also responsible for a number of problems or repairs inside the unit, including:

Flea extermination (if caused by your pet),
Damage you cause to floors, walls, and ceilings,
Appliances you've broken due to misuse,
Drains you've clogged due to misuse,
A furnace that's broken due to misuse or lack of maintenance, or
Water damage you cause (like a flooded bathroom).

It's important to note that tenant laws vary by state. Refer to the Department of Housing and Urban Development (HUD) for a complete breakdown by state.