Here's an idea of what comes with a standard policy on your rental home.
Your personal property
Renters insurance helps with costs due to theft or covered accidents (like a fire in your home). It even insures some valuables you may have with you when traveling.
Sadly, injured parties sometimes sue. If an accident becomes a lawsuit, renters insurance can help with your legal fees.
If someone is injured at your place or you accidentally hurt someone away from home, having coverage helps with their medical fees.
Additional living expenses
If a covered loss forces you out of your rental unit, your policy can help pay for incremental expenses (hotel, food, etc.) until it's safe to go home.