Though your renters insurance may not cover the damages caused by a power surge, it will cover any damages that may be caused by lightning. If your apartment building is struck by lightning, your renters insurance policy will cover the resulting power surge. Short-circuit damage is also covered when it affects your electrical appliances. A short-circuit can not only cause damage to your appliances, but it can also spark a fire. Understanding the difference between a regular power surge, a lightning strike, and a short-circuit will help you identify the damages that are covered.