Your landlord insures the building, not your belongings

Your landlord insures the building. Nothing inside your unit, and none of your personal liability, sits on their policy. A renters policy covers both, usually for one of the smallest premiums you will pay. Two choices decide what it is worth: the personal property limit, and whether it settles at replacement cost or actual cash value. Jewelry, instruments, and bicycles are commonly capped well below their value unless scheduled.