When the insured is renting, in the event of an incident on the property, the owner of the property has insurance that protects it, and this does not cover the tenant’s assets.
Renters insurance helps protect the assets of the insured who are in the renting property and it protects them in circumstances such as theft, fire, and damage due to pipe rupture, among others. It also protects the insured, if someone is injured inside the property.