Personal insurance policies are available to protection your home (owned OR rented) and all your personal property, while covering the costs of defending you against a liability claim, too. Most people think about insurance as just replacing the stuff they own. But the real value in insurance comes out when someone gets hurt or you are accused of some sort of liability. Even if the lawsuit has no merit, you still have to cover the cost of defending yourself. Most people would rather have their insurance company pay that bill.
Another key thing is to think about what you have to lose. Even if something happens by complete accident, you could be considered “at fault.” The other person’s attorney is going to do their research, learning about everything you own, all your assets, and anywhere you may have some equity. Our job is to make sure that none of that is at risk of being taken away just to cover the risk associated with a complete accident.