What are the benefits of having renter's insurance? Will it cover things that a landlord's homeowner's insurance wouldn't cover?

I think renter's insurance is basically the same as contents insurance - it will not insure the property as this does not belong to you but it will ensure everything that does belong to you is covered. It may also offer some protection for your deposit etc but I am not sure if this is the case - when I was looking into this for myself it just seemed to be contents insurance.