Almost no landlord would consider going without property insurance, but that alone may not offer enough coverage, especially if they rent furnished apartments.
Property insurance covers the building itself and its nearby exterior structures, like the parking lot, tool shed swimming pool, garage, and so on.
The items that are inside of the apartment units, like the stove, refrigerator, sofa and window blinds are at the mercy of your tenants.
Since these items are more likely to experience wear and tear than a tool shed or garage, landlord contents insurance is a good investment.
Some landlords try to cover wear and damage by requiring a high security deposit for the move-in, which is unwise.
Since most tenants aren't likely to agree with the landlord's assessment of the damage, it's very possible at the dispute will end up in court.
Even if you win, it's usually not worth the time and aggravation, especially when you consider the alternative of just letting your insurance policy handle the claim.
Perhaps just as importantly, being able to file a claim immediately after a tenant reports that an item needs repair allows you to implement the repair immediately, so you maintain a good reputation with your tenant and avoid repeated complaints.
The one circumstance where landlord contents insurance might not be a cost effective option is if you don't rent furnished apartments.
If the apartment units lack any stoves, refrigerators or other appliances that need maintenance, you're probably better off without the policy.
Keep in mind that landlord's contents insurance does not cover acts of tenant malice or negligence, so if the tenant's dog chews the curtains, they won't be reimbursed by the policy, but if a leaky ceiling results in severely water damaged curtains, they would be reimbursed.
For any furnished apartments, landlord contents insurance is highly recommended.