When I was on active duty a young airman in my squadron learned this the hard way. The apartment complex he lived in caught fire and his family lost everything. He assumed his landlords insurance would cover his belongings. WRONG! Fortunately the squadron was able to chip in and help him out. Renters insurance pretty inexpensive when weighed against your costs if you ever have a disaster. Another area that folks forget is getting rental car insurance on their auto policy. This coverage is dirt cheap and assures you have a vehicle following any auto accident.