If you're renting the owner of the property is required to have insurance, but in the event of a catastrophe renter's insurance will cover your personal property as well as additional things such as living expenses should you need to live elsewhere while your current location is being repaired.

This policy is covered under the HO-4.

This policy type is specifically for renters, since it covers only belongings and personal liability — not the building structure, which the landlord buys insurance for. Belongings are typically covered against the same perils as an HO-2 broad form homeowners insurance policy.  

An HO-4 policy, more commonly known as renters insurance, will also usually cover additional living expenses should you need to stay elsewhere temporarily while your apartment is getting fixed up.