All insurance policies have a deductible.
Which means if you ding an aircraft it is unlikely that the school or FBO will pay the deductible.
The "renter's insurance" or "non-owned aircraft insurance" is meant to cover this deductible, not all of the damage on the aircraft.
Scenario:
You rent a aircraft from flight school A.
Through no fault of yours ( tire blows, cross wind gust, FOD on the runway)
you end up in the ditch and the damage is $25,000.
The insurance of school A will pay $25K minus deductible. the deductible varies with type of aircraft, but let's say $2,500.
So insurance pays $22,500 and you pay $2,500.
Either from out of pocket (auch!) or through your renter's insurance.
If you intend to spend $5K - $8K on timebuilding it's wise to make sure that the money is actually going towards your flying.
$220 worth of insurance is not too much to ask.
Have a Question About Aviation Insurance? from the Aviation Insurance and Aircraft Insurance Experts.
is one of the companies that provides this.