If you rent, your landlord is responsible for insuring the building, but not for insuring your personal belongings. The cost to replace your clothing, furniture, stereo, pots and pans, linens, sporting goods and computer could be very expensive. Renters insurance covers your possessions from damage and theft. It also protects you if you’re held legally responsible for the injuries to another person while in and around your home. Renters insurance costs less than you think. It’s easy to protect yourself and your belongings for just a few dollars a month.