Many tenants believe that they don’t need renters insurance, assuming that they are covered under their landlord’s policy. In actuality, you are responsible for your own unit. If there is a disaster, you will be on the hook for damages. If someone is injured at your unit, you may have to pay for medical or legal fees. Renters insurance works as a “just in case” and protects you from financial hardship if any of these situations were to occur.