Even though you don't own your own home you have personal property that can be lost to fires, burglaries and even lawsuits.
While most homeowners are insured for these risks, many renters are not. No one requires renters to buy insurance to protect their personal property, so many do not. Some apartment complexes are now requiring tenants to carry tenant liability coverage which is included in a renters policy.
The first time most people think about property insurance is with their first home since it is required by the mortgage company. Although renter's insurance is usually not required, it is just as necessary to have. Not only will it protect your personal items, but it will also help with temporary housing and liability protection, such as medical expenses for people on your property or a lawyer if you are sued by someone unintentionally injured by you.
If the ceiling in your apartment is damaged by a storm, the ceiling is covered by your landlord. But what about your brand new stereo and TV that was damaged? Also, while the ceiling is being fixed, do you have enough money to immediately find another place to stay? These are the types of things that would be covered by your renters insurance policy.