Definition: Insurance for Apartments - A type of insurance that provides coverage against losses or damage to an apartment, including personal injuries, damage to the property, theft, or fire, in exchange for payment when necessary. This type of insurance is often provided by landlords and allows tenants to protect their investment by paying a small premium upfront to cover potential future costs associated with damages or loss. The goal is to reduce the financial burden on tenants and to provide peace of mind knowing that if something were to happen, they would be covered.