Your landlord has insurance on the building. That policy pays to rebuild walls and a roof. It does nothing for the couch, the laptop, or the bike in the hallway, and it does nothing for you if the guy fixing your sink slips and decides to sue.
Renters insurance covers three separate things, and people usually only think about the first one. Personal property, which is your stuff. Liability, which is the bigger dollar figure and covers you if you're responsible for someone's injury or damage. And loss of use, which pays for a hotel and meals if a fire makes the unit unlivable while the landlord rebuilds.
Pricing in Oregon runs low, often ten to twenty dollars a month for a typical apartment. It's cheap because most claims are small and the liability piece rarely gets used. That's also why nobody sells it hard.
Two coverage details decide whether the policy actually pays. Replacement cost versus actual cash value: replacement cost buys you a new TV, actual cash value pays you what a nine-year-old TV was worth, which is close to nothing. Pay the small difference for replacement cost. Then sub-limits. Jewelry, firearms, cash, and bicycles usually cap out at a few hundred to a couple thousand dollars no matter what your overall limit says. If you own a ring or a nice bike, schedule it separately by name.
Flooding from outside the building is excluded, same as on a homeowners policy. Water backing up through a drain is often excluded too unless you add the endorsement, and in older Oregon buildings that's the claim that actually happens.
Take twenty minutes and walk the apartment with your phone recording video, opening closets and drawers as you go. That video is what turns a claim from an argument into a check. Store it somewhere that isn't the apartment.