Renters insurance doesn't typically cover the cost to repair damage to the property done by natural disasters or flooding due to water pipes etc.
Those property damages should be covered under the building owners insurance policy that they should have to cover the cost of damages done from natural disasters or plumbing damage etc.
Renter Insurance covers your personal belongings in the event they're stolen or damaged due to a natural disaster, flood from burst water pipes etc.
It's always a good idea to have cheap renters insurance when you're renting a house or apartment even if your landlord doesn't require it.
The low cost per month of Renters Insurance which can be as low as $10.00 per month when bundled with auto insurance is a cheap price to pay to protect your belongings against damage or theft.