Tenant insurance covers people who rent their home, condo or apartment and the potential liabilities. Although many people think that renters do not need insurance, there are a lot of advantages for tenants who have this coverage. Tenant policies cover the renter for the value of their personal property, personal liability and may even help with costs if their rented home becomes uninhabitable in the event of loss. All this for a couple of dollars a month! Renters can obtain several levels of insurance from the basics to VIP coverage.