My renter’s insurance covers me from fire and theft. I do have a $500 deductible, but that is pretty standard. Basically, they will take the value of my property that was lost, subtract $500, and send me a check for the difference. I would then deposit the check, and buy my property over again. I don’t have much, but what I have is valuable to me, and I make use of everything I have. Since I am so limited in income, I need the insurance in case something bad happens.