Many tenants believe when they move into their new rental, their personal possessions are covered by their landlord's insurance, but that couldn't be farther from the truth. If you live in a rented house, dorm or apartment, you are responsible for making sure your belongings are covered in the event that a loss occurs, weather it be by fire, theft, or another disastrous circumstance. That's why it's important to protect the assets you have worked hard to aquire.