1. Landlord's insurance does not cover 3rd parties who visit your home. Renter's insurance will cover liability for injuries or damages to property by 3rd parties.
2. It does not have to cost much. Choose a plan with a high deductible and low coverage amount. Something is always better than nothing.
3. If your place becomes unlivable, then renter's insurance will assist in paying for a new place. It can sometimes pay for up to 1 year in rental fees at a new place.
4. It also covers your own possessions (with the exception of flooding).
5. Renter's insurance also covers portable items such as laptops, cameras, etc. If something happens to these items while outside the home, the insurance will often help offset the loss.