Renters insurance protects you — not the building, which is your landlord's responsibility. It has three core parts.
Personal property covers your belongings (electronics, furniture, clothing) against covered events like fire, theft, and certain water damage, whether they are in your home or, often, with you while traveling. Personal liability covers you if someone is injured in your rental or you accidentally damage someone else's property, including legal costs up to your limit. Loss of use pays for temporary living expenses — a hotel and meals — if a covered event makes your rental uninhabitable.
Many policies add coverage for identity theft or valuables, and you can choose replacement-cost coverage so claims pay what it costs to buy items new rather than their depreciated value. It is typically inexpensive for the protection it provides.