I once worked for a company that strongly encouraged the purchase of renter’s insurance which was stated in the lease. At every lease signing, I said very seriously to each new resident, “Now this is the most important part of your lease".
Renter’s insurance is very, very inexpensive and covers your belongings in the event of a fire, flood, or what-have-you. It gives you peace of mind knowing you will be able to replace your belongings should something happen. The biggest reason I say renter’s insurance is beyond important is because if you are found to be the cause of the fire, flood, or what-have-you, you will be held liable for the cost of the damage, including paying the insurance deductible for your landlord, which can be around $5,000.00 or more.
Renter’s insurance can be obtained privately or through your car insurance and is around $8-$12 per month. It’s totally worth it! You will want to, however, get exact information from the insurance agent as to what they will cover as far as a fire, flood, or what-have-you.
Also... Renter’s insurance DOES NOT cover bed bugs, just FYI.