Note – these are both true stories, that happened to people close to me, within about 4 months of each other.
A couple rented an apartment, and could not “afford” renters insurance. One day, while they were home, the baseboard heater caused the couch in the living room to catch fire. Luckily, no one was injured, and the fire was contained to their unit. Obviously, the couch was destroyed, as well as some nearby furniture. Smoke ruined some of their clothing, but most was able to be cleaned and restored back to wearable condition.
Their family members chipped in to buy them a new couch, some new clothes, and a few other pieces of furniture. Now, they have renters insurance.
A young couple in their 20s were renting an apartment together, and they did have renters insurance. A fire started in another unit in their apartment building, destroying the entire building and its contents. Again, luckily, no one was injured.
This couple was a good friend of mine and his girlfriend. They had just purchased new furniture. He was a bass guitar player, and owned a lot of equipment.
They lost everything but the clothes on their backs. Everything. Thankfully, they were properly covered with renters insurance, and were able to get back to living their lives faster and more easily than if they did not have coverage.
I think if you asked both couples about renters insurance, they would certainly agree that it is very important and necessary to have. I’ve seen renters insurance as inexpensive as $125/year. That’s the cost of a pizza per month – to protect everything you have.