Renters insurance is very different from homeowners insurance. As a renter, you do not own the building; therefore you do not need to insure the building. However, you do need to insure your personal property and to protect yourself in case there is an accident or incident.
Why You Need Renters Insurance
Your landlord does not provide insurance to cover your personal belongings.
How would you replace your belongings if you came home and your apartment building was totally destroyed by fire?
To protect you if an accident happens inside your apartment and someone is severely injured.
How would you come up with the money to pay the damages if you are sued? A renters insurance policy will help by providing liability coverage.
To protect your personal property—both at and away from your apartment.
When you bring your laptop to campus, for instance: If it was ever stolen, how would you replace it?