In the US, it is common to carry renter's insurance. It covers liability you as a renter might have for damages to the landlord's property such as water, fire, or other kinds of damage. It also usually covers your belongings as well. That coverage usually applies to your belongings regardless of where they are and covers things like theft. Bike get stolen from a bike rack? Backpack get stolen from a car? Usually covered, with deductibles, of course.

A lot of people I know who carry renter's insurance were unaware it covered their stuff like that. YMMV on what is and is not covered though.