It doesn't cover risk. If one or more gpus dies, who pays for it? If you rent, you are guaranteed to be insulated from this risk. But owning, you might not have the best return policy from the vendor. And if you are actually at fault for breaking it, they have every right to deny a return. Or if your apartment is burglarized or catches fire (possibly from overloading the circuit) you are out the entire investment.
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Also a lightning strike or surge from the electric utility could fry the whole rig. Proper protection costs thousands, and even then it's not guaranteed to protect everything