What is renters insurance?
Covers you against lawsuits if you hurt someone or damage someone else's property.
You leave your oven on, setting a fire. This damages your neighbor's apartment and you are found liable.
Covers your property against theft, loss, and most forms of destruction.
Your bike is stolen.
Covers your cost of renting an alternative residence if yours becomes uninhabitable.
A fire in your building forces you to evacuate for a week.