If you lease property to live in such an apartment or a house, you still need insurance. Renters' insurance provides both liability coverage and personal property coverage for the insured, but does not cover the dwelling or structure becuase you do not own it. Under renters' insurance, it is the property owners responibility to cover the structure, but not the personal property you, the renter, put in the structure. That's were Renters' Insurance comes in.
What is Covered by Renter's Insurance?
Renters insurance covers your belongings (furniture, clothes, appliances, electronics, etc.) if they're damaged or stolen. You're reimbursed for what they cost to buy new, not their depreciated value.
It will also cover injuries that happen at your place, lawsuits/legal fees if someone sues you. Your renters insurance policy includes medical payment coverage to help pay for others' medical bills if they're injured at your place. Plus, your policy includes liability coverage in case someone else sues you. Typically, someone would sue you if they're hurt at your place or if you damage their property.
If your place needs to be repaired and you need a place to stay, your renters insurance can help pay for your hotel expenses and even reimburses you for meals.
In many ways, renters insurance gives you the coverage of a homeowners policy without the need to insure the structure you live in and at a reduced cost to you.