It's highly recommended to obtain renter's insurance. Even though you may not own the home, apartment or unit, you do own the property that is inside of the home. If your items are lost or stolen, your home floods or catches on fire, or some other unforeseen accident occurs, you will need to replace those items with your own money.
These items are things you purchased over the years, but when disaster strikes, you do not have years to replace your personal property, especially your everyday necessities. It could be really expensive to replace your personal items, which is why you should protect your investments. When it pertains to protecting your personal property, renters insurance is your most affordable option.
For more information on why renters insurance is important, visit the NOLO website.