Even though you don't own your own home you have personal property that can be lost to fires, burglaries and even lawsuits.
While most homeowners are insured for these risks, many renters are not. No one requires renters to buy insurance to protect their personal property, so many do not.
If the ceiling in your apartment is damaged by a storm, the ceiling is covered by your landlord. However, what about your brand new stereo and TV that was damaged, what about the area rug that is water logged? These are the types of things that would be covered by your renter's insurance policy. Not only will it protect your personal items, but it will also help with temporary housing and liability protection, such as medical expenses for people on your property or a lawyer if you are sued by someone unintentionally injured by you.
Renters insurance can help you pay for repairing or replacing personal property that is damaged, destroyed or stolen. It may also cover most lawsuits or claims against you if you are responsible for injuring others or damaging their property.