First renter’s insurance is not very expensive and it is a good idea to have one because you are living in a building that you are sharing with other people. You do not have control over what others do to the building. Renters insurance will cover your personal property, personal liability, and loss of use. Loss of use means that if there is a fire or any incident that causes you to vacant your home, insurance will pay for your living expense at another location up to the coverage limit.  

Second reason you might have to carry renter’s insurance is if the landlord requires you to have renter’s insurance.