The owner of your apartment or your home that you are renting most likely has insurance that covers only the building of where you live. Their policy will not cover your belongings or your liability for accidents. Please ask your landlord or property owner about the items that may or may not be covered on their policy.
Why have it?
You need renters insurance to protect your valuables in case they are stolen during a break-in or damaged by fire or sever weather conditions. A renters insurance policy gives you an opportunity to recover their value.
If someone is injured in your home while you are renting, renters insurance can help protect you in the event a lawsuit is brought against you.