Apartment fires happen all the time and can be very devastating. Often one fire can spread to multiple apartments since they are all part of the same structure. This means that multiple tenants can be affected. Not only do they lose their personal belongings but they lose their place to live. There was a fire near our agency in Marysville, OH that burned 45 units. These units were no longer livable and tenants were left with nowhere to stay.
Apartment association often require you to have renters insurance to live in one of their apartments. This is not for their benefit but for yours. It is so cheap and often gives you a discount on your auto insurance. If something devastating were to happen to the building you lived in and you could no longer live there, you could possibly be on the street with no belongings. Renters insurance provides you coverage to find somewhere else to live and replace your belongs.