When you have a home and other important assets, you should purchase homeowners insurance. This is a must, and all mortgage lenders require it.
This policy also covers you in an apartment or house, no matter if you are the owner or the one renting. Well thought out homeowners coverage will cover any of your personal property that is destroyed due to damage from a fire or other disaster. The coverage will also be very important to your legal matters in order to defend you against a lawsuit if someone were hurt at your apartment or home.
The policy cost is determined by many variables and the quality of the insurance is based off of the quality of the policy holder and whether the policy is written on an all-risk or named-perils. A named-perils covers only those losses specific to the policy agreement. The all-risk policy works in a different way – unless a peril is specifically excluded, coverage is provided. The all-risk policy is much broader and the burden of proof is on the carrier, not you, in the event of a loss.