If you don't own your home, you may think that you don't need insurance to cover your apartment. In reality, all renters can benefit from renter's insurance. After all, you wouldn't drive your car without car insurance or walk around without medical insurance, so you shouldn't leave something as important as your home unprotected. Here are four reasons you need renter's insurance: 1. Your possessions will be protected. Over time, most people accumulate things that they care about.