It is both for you and their safety net. Said you have a friend stop by your apartment, slip and fall on your door steps. If you have renter's insurance; which have a liability section, your renters will be able to cover it if they decide to sue. Now bear in mind they will probably sue both you and your landlord, but having that you with renter's means their insurance comes last if even needed. This is also why the landlord will always ask to have them added on to your policy as additional insured. So your renter's policy covers them too for your liabilities.
The other side of the coin is your personal property is covered under renters. So said your apartment has a fire or burglarize, your renter's insurance will paid for the losses. A renter's policy is very cheap compared to the coverage it offers. In my state, a basic policy runs $80 to $110 a year. It is less if you were to package it with your autos.
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The other side of the coin is your personal property is covered under renters. So said your apartment has a fire or burglarize, your renter's insurance will paid for the losses. A renter's policy is very cheap compared to the coverage it offers. In my state, a basic policy runs $80 to $110 a year. It is less if you were to package it with your autos.