Yes, get renter's insurance. It's quite cheap since insurance companies assume (perhaps more accurately than ever) that renters don't have much stuff. :) It will cover your bikes, which I think would be the hardest stuff for you to replace (custom stuff), and one of the more popular targets for thieves. Bikes alone would be >$10k for the two of you, I'm guessing? But also computers, sewing machines, Kitchenaids, furniture in case of fire, etc. It should also include liability insurance. Here's an informative thread on the value of renter's insurance: https://www.bogleheads.org/forum/viewtopic.php?t=96374.