We are mainly referring to tenant / renter / household liability insurance, which can (depending on the policy) cover:
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Liability if you accidentally cause damage to the apartment (e.g. water leak that affects the neighbour, fire caused by your mistake),
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Liability towards third parties (e.g. damage to neighbour’s property because of something that happens in your apartment),
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Sometimes your personal belongings (theft, certain types of damage) – this depends on the specific policy.
This is not health insurance and not travel insurance (although those may also be useful for other reasons).