In all likelihood, your landlord has insurance on the building you call home. It protects your landlord against liability claims and covers the building as well as personal possessions the landlord may have on the property. But it doesn't cover you against liability claims. And it doesn't protect your possessions.

Generally, renters insurance policies protect your personal property against loss from fire, theft, lightning, windstorm, hail, explosion, smoke, vandalism and a long list of other hazards. If you have to move to temporary quarters because of damage to your building your additional living expenses, such as hotel or motel charges and the cost of dining out, may be covered under some policies at an additional charge.

Renters policies may also protect you if you're legally liable for accidental death or injuries to others on your premises, or for the actions of family members or pets. If a person is accidentally injured in your home, or by any family member or pet, medical care payments may be covered, regardless of liability.