Basically if you have a fire or some other natural disaster that you are covered to the amount the policy states( clothing electronics, jewelry so on) . You prob dont really realize how much shit you own until you get a rough tally on what you have , I was shocked when i did my assesment of what i own. Also covers robberies, and stupid people gettin hurt on your property its like homeowners but with renters / replacing home owners.
Advantage, Being that your not SOL if something catastropic happens and you lose everything you own. It basically helps you to not start over with nothing in your life, you can replace your belongings with new ones except those that really mean something to you.
Example, My bro and sis in law had a fire at the house they were renting, they lost pretty much everything, a few things were able to save but all their clothes housewares,and electronics were gone. They DID NOT have renters ins and had to start all over again. Had they had renters they would have been able to get that assistance to get back up and going again. SO DEFINATELY GET IT, You may not think something can happen and odds are it might not, but for $120 a year 10 a month ill keep my ass covered. You never know what can happen and when.