If you are renting a room, apartment, or other space you want to ensure that you are covered. That is where renters insurance comes in. In most cases your landlord probably has commercial insurance that covers the building where you are residing. However, this policy would not cover your belongings. You want to ensure that in the event of an accident your possessions are covered.
Let us look at the importance of having renters insurance:
It Covers Losses to Personal Property 
Renter’s insurance protects you against damages to your property, including clothing, jewelry, luggage, computers, furniture, and more. Regardless of how much you own, a loss can rapidly amount to much more than you understand; and significantly more than you may be able to afford.
It Provides Liability Coverage
It Covers Your Belongings When You Travel
Renter’s protection covers your possessions, whether they are in your home, vehicle, or with you while you travel. Your belongings are covered from damages due to thievery and other disasters wherever in the world you travel.